UAE: Gold prices jump over Dh2 per gram, reach new record high
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Monday, touching a new record high.
At 9am UAE time, the 24K variant of the yellow metal rose Dh2.25 per gram to Dh347 per gram on Monday, up from Dh344.75 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh322.75, Dh309.5 and Dh265.25 per gram, respectively.
Globally, gold was trading at $2,878.59 per ounce, up 0.58 per cent.
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The yellow metal has been consistently on the rise due to strong demand, uncertainty around US tariff policy and geopolitical tensions.
Unsurprisingly, high prices dampened demand in the jewellery sector worldwide, with annual consumption decreasing by 11 per cent to 1,877 tonnes, according to the World Gold Council.
Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000 tonnes for the third year in a row. Buying ramped up significantly in the fourth quarter of last year, reaching 333 tonnes and bringing the annual total for central banks to 1,045 tonnes, said the Council.
It said total gold supply increased one per cent year-on-year, reaching a new record high of 4,794 tonnes.
Global investment demand jumped 25 per cent year-on-year to 1,180 tonnes – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19 tonnes in the last quarter of 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,186 tonnes in 2024.
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