Dubai: Gold prices reach new record high, set to rise further

The 24K variant of the yellow reached Dh319 per gram on Monday evening, gaining Dh16.75 per gram this month so far

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Published: Mon 23 Sep 2024, 7:26 PM

Last updated: Mon 23 Sep 2024, 8:53 PM

Gold prices in Dubai hit a new record on Monday evening as yellow metal rose Dh1.5 per gram on the first trading day of the week.

The 24K variant of the yellow reached Dh319 per gram on Monday evening, gaining Dh16.75 per gram this month so far.

Among the other variants, 22K is inching closer to Dh300 per gram, trading at Dh295.25 per gram on Monday evening. Meanwhile, 21K and 18K were selling at Dh295.25 and Dh285.75 per gram, respectively.

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Globally, gold was trading at $2,629.13 per ounce, up 0.34 per cent at 7pm UAE time.

Wael Makarem, financial markets strategist lead at Exness, said the gold market could remain on a positive course as conditions remain favourable.

“Gold has benefited from expectations of a softer monetary policy in the US and other major economies. The Federal Reserve’s large interest rate cut and expectations of more easing could continue to drive prices to the upside over the medium term. Uncertainty over the strength of the US and other major economies in the wake of a period of high interest rates could continue to fuel caution among investors and demand for gold,” he said.

The yellow metal, according to Makarem, could also find support if central banks continue to purchase the asset in large quantities.

“Additionally, geopolitical tensions in the Middle East and Europe, for which an end is still uncertain, could also drive investors to gold and other safe-haven assets. Over the short term, the uncertainty around the US elections’ outcome could lift gold prices although the market could see some volatility as traders react to each new economic data release,” said Makarem.

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