403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
UAE marks increase in gold prices, reaching USD65 per gram
(MENAFN) United Arab Emirates marked a subtle but notable rise in gold prices, as per data from the Dubai Jewellery Group. At 9:00 AM local time, 24K gold was quoted at Dh239.25 (USD65.07) per gram, indicating a slight increase from the previous evening's closing rate of Dh239.0 per gram. Furthermore, various other gold categories, including 22K, 21K, and 18K, were trading at Dh221.5, Dh214.5, and Dh184.0 per gram, respectively.
Turning our gaze towards the global gold market, the spot price saw a modest 0.13 percent uptick, settling at USD1,976.27 at 9:30 AM UAE time. This price movement is closely intertwined with the anticipation gripping investors regarding forthcoming economic data, which is expected to provide vital cues on potential shifts in interest rates. Simultaneously, the global market remains on high alert, monitoring the ever-escalating tensions in the Middle East, which have been contributing to the volatility in various asset classes.
Ole Hansen, the esteemed head of commodity strategy at Saxo Bank, offered insights into the current market dynamics. He acknowledged that the energy market has displayed a relatively muted response to the Israel-Hamas conflict. This restraint can be attributed to the inherent complexity of accurately evaluating the risks associated with a significant supply disruption. In contrast, the gold market has been surging vigorously, with prices rallying by approximately USD160 over the course of the past two weeks.
This noteworthy surge in gold prices underscores the yellow metal's enduring appeal as a reliable safe-haven asset during times of geopolitical uncertainty. As geopolitical events continue to unfold and economic data is set to be released, market participants and observers are keenly focused on how the gold market will navigate these intricate and potentially game-changing dynamics. The interplay of global events, economic indicators, and gold's trajectory is a narrative that promises to captivate the attention of investors and experts alike.
Turning our gaze towards the global gold market, the spot price saw a modest 0.13 percent uptick, settling at USD1,976.27 at 9:30 AM UAE time. This price movement is closely intertwined with the anticipation gripping investors regarding forthcoming economic data, which is expected to provide vital cues on potential shifts in interest rates. Simultaneously, the global market remains on high alert, monitoring the ever-escalating tensions in the Middle East, which have been contributing to the volatility in various asset classes.
Ole Hansen, the esteemed head of commodity strategy at Saxo Bank, offered insights into the current market dynamics. He acknowledged that the energy market has displayed a relatively muted response to the Israel-Hamas conflict. This restraint can be attributed to the inherent complexity of accurately evaluating the risks associated with a significant supply disruption. In contrast, the gold market has been surging vigorously, with prices rallying by approximately USD160 over the course of the past two weeks.
This noteworthy surge in gold prices underscores the yellow metal's enduring appeal as a reliable safe-haven asset during times of geopolitical uncertainty. As geopolitical events continue to unfold and economic data is set to be released, market participants and observers are keenly focused on how the gold market will navigate these intricate and potentially game-changing dynamics. The interplay of global events, economic indicators, and gold's trajectory is a narrative that promises to captivate the attention of investors and experts alike.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment