Dubai Gold Rate At Highest In 10 Days - Hurts Pre-Holiday Buys
At Dh375.25 a gram for 22K, the Dubai gold rate has shot up to its highest level in 10 days – and coming at a time when expat-residents in the UAE are still deciding whether to buy jewellery ahead of their summer holiday trips home. (The 24K gram is back over Dh400 and currently at Dh405.)
One has to go back to June 2 to find a price higher than today's early rate. On June 2, a 22K gram was costing Dh376.5. (In India one tola (12 grams) is currently at Rs107,440 plus level. The Saudi gold price for 22K is Dh380 for a gram.)
'The hope is that like it did after June 2, gold prices would see some slipping back to under Dh370 levels soon,' said a gold retailer. 'There's price-resistance at anything over Dh370 from resident gold buyers.
'The one thing they had been hoping for was some price stability, even if it was Dh369. But the moment the price crosses Dh370, demand takes a serious hit.'
In the global market, bullion has been having an extremely busy time, gaining over $50 to $3,370 an ounce level. The way price movements are happening, analysts say there is a clear chance to push towards $3,400. If that happens, then gold could be in for some serious upward price movement.
It was in April that gold hit its highest on record, at $3,500 when global tensions over US trade tariffs were at its peak.
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Dubai Gold Rate At Highest In 10 Days - Hurts Pre-Holiday Buys
At Dh375.25 a gram for 22K, the Dubai gold rate has shot up to its highest level in 10 days – and coming at a time when expat-residents in the UAE are still deciding whether to buy jewellery ahead of their summer holiday trips home. (The 24K gram is back over Dh400 and currently at Dh405.) One has to go back to June 2 to find a price higher than today's early rate. On June 2, a 22K gram was costing Dh376.5. (In India one tola (12 grams) is currently at Rs107,440 plus level. The Saudi gold price for 22K is Dh380 for a gram.) 'The hope is that like it did after June 2, gold prices would see some slipping back to under Dh370 levels soon,' said a gold retailer. 'There's price-resistance at anything over Dh370 from resident gold buyers. 'The one thing they had been hoping for was some price stability, even if it was Dh369. But the moment the price crosses Dh370, demand takes a serious hit.' In the global market, bullion has been having an extremely busy time, gaining over $50 to $3,370 an ounce level. The way price movements are happening, analysts say there is a clear chance to push towards $3,400. If that happens, then gold could be in for some serious upward price movement. It was in April that gold hit its highest on record, at $3,500 when global tensions over US trade tariffs were at its peak.
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