Dubai: Gold prices hit new all-time high, continue to set records
Gold prices continue to set new records every day as 22K hit a new all-time high of Dh321.5 per gram in Dubai on Thursday morning.
At the opening of the markets in Dubai on Thursday, 24K jumped Dh1 per gram to Dh345.75 while 22K rose Dh0.75 to Dh321.5 per gram. Among the other variants of the yellow metal, 21K and 18K opened higher at Dh308.25 and Dh264.25 per gram, respectively.
Globally, gold was steady at $2,868.73 per ounce on Thursday morning.
[Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.]
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Samer Hasn, senior market analyst at xs.com, said gold's consecutive gains come amid escalating trade wars between the US and China, which are likely to deepen concerns about the economies of both countries.
'These consecutive peaks for gold also coincide with declining Treasury yields and lacklustre US stock market performance, reinforcing the safe haven demand hypothesis, which was also after a larger-than-expected decline in job openings in December,' he said.
'These factors add to the uncertainties surrounding the global economy and geopolitical realities,' he added.
Hasn elaborated that the trade war now appears to be the most significant factor fuelling uncertainty, which in turn drives demand for safe havens.
'Concerns are growing as the trade war is expected to escalate further, although it began less severely than expected with the inauguration of Donald Trump.'
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