Dubai: Gold prices jump to new record high ahead of Diwali; 22K crosses Dh311 per gram

Prices are peaking at a time when a large number of residents and visitors buy precious metal jewellery during Indian festivals

Waheed Abbas

Published: Wed 30 Oct 2024, 9:22 AM

Last updated: Wed 30 Oct 2024, 9:28 AM

Gold prices jumped to a new record high at the opening of markets in Dubai on Wednesday morning with 22K crossing Dh311 per gram.

At 9am UAE time, the 24K variant opened at Dh336.5 per gram, up by Dh1.75 per gram from last night’s close.

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Among the other precious metal variants, 22K jumped Dh2 per gram to Dh311.75. The 21K and 18K rose to Dh301.75 and Dh258.5 per gram, respectively

[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]

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Prices are peaking at a time when a large number of residents and visitors buy gold and precious metal jewellery during the Indian festivals of Dewali and Dhanteras. These record-high prices could dampen the demand for yellow metal jewellery.

As reported by Khaleej Times earlier, shoppers are already shifting towards cheaper variants of 18K amidst record-high prices.

Spot gold was trading at $2,779.31 per ounce, up 0.38 per cent at 9.07am UAE time.

The precious metal has been rallying due to US election jitters and concerns around geopolitical tension in the Middle East.

“With voting set for November 5, national and swing state polling shows a tight race between Republican candidate Donald Trump and Democratic Vice President Kamala Harris. However, Trump has recently gained ground in prediction markets, signalling increased election interest and potentially influencing market sentiment as election day nears,” said Mohamed Hashad, chief market strategist, Noor Capital.

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