Gold prices in Dubai reached new heights on Friday, with the cost of 22K gold hitting Dh304 per gram as global prices surpassed the $2,700-an-ounce mark. This surge reflects a broader trend in the gold market, driven by a combination of geopolitical tensions and investor sentiment favoring safe-haven assets.
Current Gold Prices in Dubai
According to data from the Dubai Jewellery Group, the following prices were recorded:
24K gold: Dh328.25 per gram (up by Dh2.50)
22K gold: Dh304 per gram
21K gold: Dh294.25 per gram
18K gold: Dh252.25 per gram
Chris Weston, head of research at Pepperstone, noted that the market for gold is experiencing significant bullish momentum. He highlighted the psychological impact of spot gold breaking the $2,700 barrier, leading to reduced selling activity.
“It’s hard to explain why the yellow metal is where it is, and we can all hazard a guess. This is a hot market, and while we may not see crypto-like volatility and range expansion, too many with a lower risk tolerance are swimming in these golden waters,” Weston remarked.
Maruf Yusupov, co-founder of Deenar, emphasized gold’s remarkable performance over the past quarter, stating that its stability compared to more volatile assets like Bitcoin has enhanced its appeal. He noted that the impressive growth rate of gold’s market capitalization, coupled with the recent geopolitical tensions and central bank monetary policies, has led to a shift in investor sentiment toward safe-haven assets like gold.
Yusupov said, “Undoubtedly, investor sentiment toward gold saw a more positive twist this year as central bank monetary policies and regional conflict forced the embrace of safe assets.”
The rise in gold prices, particularly in Dubai, reflects a confluence of market dynamics, including geopolitical uncertainty and investor preferences for safe-haven assets. As global tensions continue to influence economic outlooks, gold remains a strong contender for those seeking stability in their investment portfolios.
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