Dubai: Gold prices hit new record high, 24k crosses Dh405 per gram
Gold prices jumped to a new record high in Dubai on Monday morning as 24K crossed Dh405 per gram.
The Dubai Jewellery Group data showed 24K trading at Dh405.25 per gram on Monday morning while 22K was selling at Dh375.25 per gram. Among the other variants, 21K and 18K were trading at Dh360.0 and Dh308.5 per gram, respectively.
Gold prices in Asia surged to touch a record high of $3,370.17 per ounce as concerns about tariffs and criticism of the Federal Reserve by US President Donald Trump hit the markets.
Many markets were closed on Friday and some remained closed for Easter Monday.
Charu Chanana, chief investment strategist at Saxo in Singapore, said markets are already on edge due to escalating geopolitical tensions, and now concerns are rising that Trump's potential interference with the Fed could add another layer of uncertainty.
"Any signs of political pressure on monetary policy could undermine the Fed's independence and complicate the path ahead for interest rates just as investors are looking for stability amid global volatility,' he said.
Saxo Bank and Citi Research recently raised their 2025 forecast for gold to $3,500 per ounce.
'Market participants closely watch interest rate expectations set by the Federal Reserve, as they heavily influence the attractiveness of gold. Currently, the futures market is pricing in the possibility of a 75–100 basis point rate cut before year-end, suggesting a more accommodative monetary policy. Lower interest rates reduce the opportunity cost of holding gold (which doesn't pay interest), thereby supporting its price,' said Saxo Bank.
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