Dubai: Gold prices rise to new record high; 22K crosses Dh308 per gram

The yellow metal has been consistently on the rise over the past few months, reaching new record highs nearly every day

Waheed Abbas

Published: Wed 23 Oct 2024, 9:46 AM

Last updated: Wed 23 Oct 2024, 9:48 AM

The gold price rally continued on Wednesday morning as the yellow metal jumped Dh1.75 per gram to a new record high at the opening of the markets in UAE.

At 9am, UAE time, 24K rose to Dh333 per gram, up from Dh331.25 at the close of the markets. The 22K variant soared to Dh308.25 per gram in early trade, up Dh1.5 per gram. Similarly, 21K and 18K jumped to Dh298.50 and Dh255.75 per gram, respectively.

Spot gold was trading at $2,750.70 per ounce, up 1.07 per cent, at 9.15am, UAE time.

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The yellow metal has been consistently on the rise over the past few months, reaching new record highs nearly every day. Some analysts, as reported by Khaleej Times earlier, have projected that the yellow metal will touch $3,000 per ounce in the first quarter of 2025.

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Gold has gained over 40 per cent year-on-year while silver — following a significant breakout on Friday when it closed above previous resistance at $32.50 —has jumped to a 50 per cent year-on-year gain.

“Throughout the year, we have extensively discussed why 2024 would be pivotal for investment metals. While this recent rally has exceeded expectations, several factors continue to support the upward trend despite emerging challenges,” said Ole Hansen, head of commodities strategy, Saxo Bank.

“Despite rising yields and a stronger US dollar, gold and silver have continued their ascent… Meanwhile, the timing, pace and depth of future rate cuts have slowed, with Federal Reserve officials signalling a more cautious approach. Yet, gold and silver remain resilient, defying these typically negative market signals,” added Hansen.

He elaborated that gold has risen despite recent US dollar strength, which has been supported by Middle East haven flows and strong US economic data, driving flows into American risk assets.

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