24 C
Dubai
Wednesday, February 28, 2024
spot_img

UAE gold prices up by half a dirham per gram this week

On Monday morning, gold prices in the UAE surged, approaching a one-month high during early trade. Data from the Dubai Jewellery Group revealed that the 24K gold price increased by half a dirham, reaching Dh235.5 per gram at the market’s opening, compared to last week’s closing price of Dh235 per gram.

At 9 am UAE time, 22K, 21K, and 18K gold opened at Dh218.25, Dh211.25, and Dh181.0 per gram, respectively. Concurrently, spot gold rose by 0.25%, reaching $1,945.47 per ounce by 9:33 am local time.

The upsurge in gold’s value was bolstered by a decline in the US dollar and expectations that the US central bank would pause its interest rate hikes, lending further support to the precious metal.

Daniel Dubrovsky, a contributing senior strategist at dailyFX, noted that the US dollar had generally underperformed against major currencies in the previous week, leading to a robust rally in gold prices.

This was partly due to somewhat disappointing economic data from the world’s largest economy, causing financial markets to increasingly anticipate a less dovish stance from the Federal Reserve in the future.

Dubrovsky also observed that the decline in Treasury yields had enabled gold, seen as an anti-fiat asset, to outperform. Simultaneously, as Wall Street indices like the Dow Jones and S&P 500 gained, risk-sensitive currencies performed well while demand for the safe-haven US dollar waned.

Next Article

Related Articles

UAE Corporate Tax Introduces Dh10,000 Fine for Late Registration

UAE Corporate Tax – Unveiling the Dh10,000 Fine for Late Registration The Ministry of Finance recently unveiled a new initiative aimed at bolstering compliance with...

Saudi Arabia and Qatar Join Forces in Bid for Transformative Egyptian Project, Prosperity Unleashed

Saudi Arabia and Qatar Compete for Revolutionary Egyptian Project In the race to invest in the Ras Ghamila area of Sharm El-Sheikh, Egypt, institutions backed...

Elon Musk Visionary Optimus Video Leaves Audiences Intrigued: Unraveling the Mystery Behind its Power

Elon Musk Visionary Video Leaves Viewers Intrigued Elon Musk has sparked widespread intrigue and speculation across social media platforms with the unveiling of a humanoid...

World Bank Call for Women’s Empowerment and Equal Opportunity

World Bank Commitment to Women's Empowerment and Equal Opportunities Takes Center Stage In a recent visit to Tamil Nadu to oversee World Bank-supported projects, Anna...

Abu Dhabi-Backed RedBird IMI Secures $1.45 Billion Deal for UK’s All3Media

Abu Dhabi-Backed RedBird IMI Secures Powerhouse $1.45 Billion Deal for UK's All3Media RedBird IMI, spearheaded by Jeff Zucker, the former CNN executive, has clinched a...

Latest Articles