19-02-2025
UAE: Gold prices continue to rise with 22K above Dh328 per gram
Gold prices rally continued as prices rose over Dh1 per gram in Dubai on Wednesday morning.
At 9am UAE time, 24K rose to Dh353 per gram at the opening of the markets on Wednesday, up from Dh351.75 per gram at the close of the markets on Tuesday – an increase of Dh1.25 per gram.
Among the other variants, prices of 22K, 21K and 18K increased to Dh328.5, Dh315 and Dh270 per gram, respectively.
Globally, spot gold was steady at $2,929.71 per ounce.
Gold saw a sharp correction after testing its all-time high of $2,942 on Friday, dropping to $2,877 before rebounding above 2,900.
Yassin K. Fawaz, CEO of Raddington Group, said gold prices are seeing a significant rise, fuelled by ongoing trade tensions and increased demand from central banks, all of which are shaped by US President Donald Trump's strong economic leadership.
'Under Trump's administration, his tough stance on global trade — especially his tariff policies targeting China and his commitment to fair trade deals — has created an environment of uncertainty, which is driving investors to seek the stability of gold. This kind of unpredictability has traditionally pushed people toward safe-haven assets like gold,' he said.
Fawaz added that despite some cautious comments from Federal Reserve officials about inflation and economic targets, Trump's policies have proven to create an environment of strength. 'With inflation still above the Fed's two per cent target and the economy on solid footing, many are now expecting the Fed to keep interest rates high for a while, which could dampen the appeal of assets like gold, which offer no yield,' he added.
