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UAE: Gold continues to shine, prices cross Dh260 per gram

Precious metal prices have gained Dh7.5 this week so far and Dh10.5 per gram since the start of the year

Published: Thu 7 Mar 2024, 3:02 PM

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Gold prices surpassed Dh260 per gram on Thursday afternoon as the rally in the precious metal continued.

The Dubai Jewellery Group data showed 24K rising to Dh261 per gram on Thursday afternoon while 22K, 21K and 18K were trading at Dh241.75, Dh234.0 and Dh200.50 per gram, respectively. The 24k variant rallied to Dh261.5 in the early morning on Thursday.

In the UAE, the precious metal prices have gained Dh7.5 this week so far and Dh10.5 per gram since the start of the year.

Globally, yellow metal rallied to a fresh record on Thursday. Spot gold was up 0.48 per cent to $2,158.18 per ounce as of 2.20 pm UAE time. It touched a higher of $2,159.38 early in the day.

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Nick Cawley, senior strategist at dailyFX, said one beneficiary of the recent US dollar weakness is gold as it hit a fresh all-time high on Thursday.

“Gold has rallied by nearly 9 per cent since the February 14 low and looks set to move higher in the weeks ahead although a heavily overbought CCI reading may see the precious metal consolidate recent gains before pushing further ahead,” he said.

Vijay Valecha, Chief Investment Officer, Century Financial, said record highs in the precious metal were attributed to safe-haven demand and anticipations of a US rate reduction in 2024. “The shift towards gold mirrors concerns over a potential stock market correction. The future trajectory of gold's rally could be influenced by the outcome of Powell's testimony, particularly if he adopts a hawkish stance, given the prevailing US inflation landscape and the Fed's reluctance to decrease rates,” he said.

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