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Dubai: Gold prices jump to a new record high on Monday

The yellow metal has been a standout performer over the past quarter after hitting multiple all-time highs

Published: Mon 21 Oct 2024, 9:28 AM

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Gold prices jumped Dh1 per gram in early trade in Dubai on the first trading day of the week to reach a new record high.

At 9am UAE time on Monday, 24K rose to Dh330.5 per gram compared to last week’s close of Dh329.5 per gram. Among the other variants, 22K, 21K and 18K surged to Dh306.0, Dh296.25 and Dh254.0 per gram, respectively.

Globally, spot gold was trading at $2,729.16 per ounce, up 0.28 per cent at 9.15 am UAE time. The yellow metal has risen by over 37 per cent in the past year.

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

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“Considering gold’s market cap, this growth rate is impressive, especially as it stayed relatively stable compared to Bitcoin, which recorded just 24 per cent over the past quarter. 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.

Over the past few years, many have compared gold and Bitcoin as possible haven assets. Despite different valuations and performance per market data, both assets still have dedicated proponents. However, sentiment has shifted recently as many gained access to gold, proof that many are running from more volatile assets like Bitcoin.

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