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Tuesday, March 5, 2024

Gold Prices Surge More Than Dh1 per Gram Amid Escalating Middle East Conflict in the UAE

Gold prices in the UAE experienced a significant increase, rising over one dirham per gram, driven by escalating conflict in the Middle East. The Dubai Jewellery Group reported 24K gold opening at Dh234.75 per gram, up from Dh233.5 per gram the previous night. Prices for 22K, 21K, and 18K also saw an uptick, starting at Dh217.25, Dh210.5, and Dh180.25 per gram, respectively. Additionally, spot gold rose by 0.75% to reach $1,939.01 per ounce by 9:15 AM UAE time.

Global Concerns Over Escalating Conflict: Dh1 per Gram

The deadly explosions in Gaza on Tuesday raised concerns among global investors about the escalation of the conflict, leading them to seek refuge in safe-haven assets.

Market Analyst Insights: Dh1 per Gram

Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, suggested that while the situation in the Middle East may worsen, the market’s perception of the news will gradually diminish, and risk assets such as gold and the Swiss franc will eventually lose their gains. Nevertheless, it remains too early to relax vigilance, as Israel’s potential for an offensive still looms, and a lack of success in diplomatic efforts could lead to a significant drop in appetite.

Gold Prices and Geopolitical Tensions: Dh1 per Gram

Safe-haven flows amid geopolitical tensions in the Middle East continue to be a key driver of gold prices, with the risk of further conflict escalation potentially supporting prices. Yet, the $1,945 level may present a crucial resistance to overcome, according to Yeap Jun Rong, a market strategist at IG.

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