Gold prices in Dubai reached new record highs on Thursday, coinciding with the Indian festival of Diwali. The price of 22K gold jumped above Dh312 per gram at the market’s opening.
According to data from the Dubai Jewellery Group, the price of 24K gold increased by one dirham, rising to Dh337.25 per gram at 9 AM UAE time, up from Dh336.25 per gram the previous evening. Other gold variants also saw price increases, with 22K selling at Dh312.25, 21K at Dh302.25, and 18K at Dh259 per gram.
At 9:10 AM UAE time, spot gold was trading at $2,783.11 per ounce. Earlier in the week, gold prices nearly touched $2,790 an ounce, while December Comex futures surpassed $2,800 for the first time.
This surge in gold prices is attributed to increased demand amid ongoing political and economic uncertainty, along with heightened geopolitical tensions. The World Gold Council’s Q3 Gold Trends Report highlighted a global demand growth of over 5% year-on-year, totaling more than 1,300 tons in the third quarter. For the first time, the value of gold demand exceeded $100 billion.
This rise in demand marks the second consecutive quarter of growth, driven by heightened investment interest, a rebound in jewelry consumption, and a resurgence in physical gold ETFs, which began accumulating bullion after nine quarters of selling.
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