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Gold prices rally continued on the first trading day of the week, jumping to a new record high in Dubai in early trade on Monday.
The 24K rose Dh1 to Dh318.50 per gram at the opening of the markets on the first trading day of the week. It has gained over Dh16 per gram in September alone.
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Among the other variants, 22K, 21K and 18K also touched record highs of Dh294.75, Dh285.50 and Dh244.50 per gram, respectively, at 9am.
Globally, gold has been trading above $2,600 per ounce since last week as the US Federal Reserve cut the interest rates by 50 basis points. At 9.15am, the precious metal was trading at 2,627.86 per ounce, up 0.29 per cent.
The rally in yellow metal has been driven by interest rate cuts by the Fed and geopolitical tension in the Middle East.
Michael Brown, senior research strategist at Pepperstone, said a new trading week gets underway, as participants continue to digest the Fed’s ‘jumbo’ 50 bps cut, as a lighter economic docket awaits, while end-of-month/quarter flows shall also be in the mix.
“The moment that participants had spent most of the year waiting for finally occurred on Wednesday, with the FOMC delivering the first rate cut of the cycle, in an aggressive fashion, reducing the target range for the fed funds rate to 4.75-5.00 per cent. This 50bp cut was contrary to my own forecast, and to consensus expectations, though it was broadly in line with market pricing,” said Brown.
The conflict between Israel and Hezbollah has also escalated in the past week after pagers and walkie-talkies used by Hezbollah members — including fighters and medics — detonated simultaneously across Lebanon. This also supported the yellow metal to maintain an upward trend in the past few days.
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