Odeabank is Turkey’s 13th largest private conventional bank
business1 day ago
Gold prices jumped to an all-time high in Dubai on Thursday as 22K surpassed Dh300 per gram for the first time.
According to Dubai Jewellery Group data, 24K gold jumped to Dh324.25 per gram at the opening of the markets on Thursday, up from Dh323.75 per gram at the close of the markets on Wednesday.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The yellow metal's 22K variant opened at Dh300.25 per gram, up Dh0.50 per gram. Similarly, 22K and 18K also opened higher at Dh290.75 and Dh249.25 per gram, respectively.
Globally, gold was trading at $2,678.58 per ounce, up 0.17 per cent at 9.10am, UAE time.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]
Dilin Wu, research strategist at Pepperstone, said gold bulls are gaining strength. Prices hit all-time highs in most G10 currencies and hovered just below historical peaks against the US dollar.
“This surge reflects real demand for gold rather than just currency dynamics. I believe the $2,700 level is well within reach before the end of October. Uncertainty surrounding the US economic outlook continues to drive up gold prices. With initial jobless claims exceeding expectations and Federal Reserve Governor Christopher Waller warning that hurricanes and strikes could reduce October’s nonfarm payrolls by up to 100,000, the risk of missteps in future Fed rate hikes has increased.
“Coupled with a massive $1.8-trillion US deficit, these factors have intensified concerns over the economic trajectory, pushing investors toward gold as a safe haven amid rising volatility and unclear monetary policy,” said Wu.
In the absence of significant geopolitical developments, she said three factors will be pivotal for gold’s trajectory.
“First is US retail sales and the upcoming speeches from Fed officials. If retail sales fall short of the expected 0.3 per cent month-over-month increase, perhaps to 0 per cent, and the Fed's stance on rate cuts remains ambiguous, this could provide a further boost for gold bulls. Second is the pricing of the US election. With Trump's rising odds, the ‘Trump trade’ favouring a stronger dollar could weigh on gold, with support anticipated around $2,660. Finally, China’s economic outlook plays a significant role,” she said.
ALSO READ:
Odeabank is Turkey’s 13th largest private conventional bank
business1 day ago
Zoho witnessed 57% conversion rates from new customers through strategic partnerships.
business1 day ago
Lexar showcases suite of new storage products offer massive capacities at blazing speeds
business1 day ago
Staque announces strategic partnership with D-Wave
business1 day ago
New real estate platform seeks to provide personalised services
business1 day ago
Governor highlights the UAE’s commitment to safeguard the integrity of the global financial system
business1 day ago
The agreement will further modernise platforms such as Starzplay Arabia and Careem, the Middle East ‘everything app’
business1 day ago
Sebi has approved a scheme for high net worth individuals which will require a minimum investment of Rs1 million
business1 day ago