Dubai: Gold prices jump over Dh11 per gram in 24 hours
Gold prices rally continued on Tuesday as the precious metal hit a new record high in Dubai and globally.
The 24K variant of the yellow metal jumped to Dh416.5 per gram on Tuesday, gaining over Dh11 per gram in the past 24 hours. Similarly, 22K rose to Dh385.5 per gram on Tuesday, up over Dh10 per gram since Monday morning.
Among the other variants, 21K and 18K were trading at Dh369.75 and Dh317.0 per gram.
Spot gold was trading at $3,472.22 per ounce, up 4.74 per cent at 7.10am UAE time due to weakness in the US dollar and uncertainty over US-China trade tension.
Many research and financial institutes have recently raised their forecasts for gold to $3,500 per ounce. Many of them predicted that it would touch $4,000 next year. But if the tariff uncertainty persists, the precious metal could possibly touch the $4,000 market this year.
As reported by Khaleej Times earlier, analysts and gold jewellers in Dubai believe that the prices of the precious metal will stay on the higher side and are unlikely to see a major correction.
'A weaker US dollar and heightened geopolitical risk — including tariff-led fear and uncertainty — have been key drivers of gold's performance. Alongside this, strong gold ETF buying across most regions has been propelling gold higher... Investor interest is likely to strengthen as gold's appeal as a safe-haven asset and portfolio diversifier heightens amid global economic uncertainties and financial market volatility,' said Kavita Chacko, research for India at World Gold Council.
Going forward, she said seasonal and wedding-related purchases may support gold demand this month and next.
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