Dubai: 22K gold hits Dh304 per gram as prices rise to new record high

It was yet another day where the gold bulls head into the weekend feeling increased confidence in their position, says expert

Waheed Abbas

Published: Fri 18 Oct 2024, 12:07 PM

Last updated: Fri 18 Oct 2024, 9:53 PM

Gold prices in Dubai rose to a new record high on Friday morning as global prices crossed the $2,700-an-ounce mark.

The Dubai Jewellery Group data showed the 24K price rising Dh2.50 per gram to Dh328.25 per gram on Friday morning. The other variants, 22K, 21K and 18K, were trading at Dh304, Dh294.25 and Dh252.25 per gram, respectively.

Globally, gold was trading at $2,708.44 per ounce, up 0.55 per cent.

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Chris Weston, head of research at Pepperstone, said it was yet another day where the gold bulls head into the weekend feeling increased confidence in their position, with big levels being broken.

He added that the big news of the day was spot gold breaking the $2,700 mark — following that, the sellers have gone missing.

“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, that is absolutely why they are swimming in these golden waters,” said Weston.

Maruf Yusupov, co-founder of Deenar, said gold has been a standout performer over the past quarter after hitting multiple all-time highs.

“Considering gold’s market cap, this growth rate is impressive, especially as it stayed relatively stable compared to Bitcoin. 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,” he said.

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