Dubai: 24K gold price set to rise to Dh230 this week

Dubai - Globally, the precious yellow metal can hit $1,930, as inflows into ETFs continue

The rally in gold prices is expected to continue this week and the precious metal could hit $1,930 an ounce as inflows into gold exchange-traded funds (ETFs) is likely to continue.

Spot gold price last closed at $1,881.96 an ounce, up 0.42 per cent or $7.86 an ounce. The precious metal has gained five per cent, or $90 an ounce in the past 30 days.

Dubai Gold and Jewellery Group data showed 24K retail price last closed at Dh227.25 per gram.

Vijay Valecha, the chief investment officer at Century Financial, had predicted that 24K gold price in Dubai rising to Dh230 per gram in the next few days.

“For now, the precious yellow metal seems to have ignored talks of US Federal Reserve tapering of bond purchases. Gold has closed above the 200-day moving average, a key technical level critical for both the bulls and bears, indicating bullishness. In a sign of increasing demand, gold ETFs have witnessed inflows during the past three weeks,” added Valecha.