Dubai: Gold Price Rally Continues 22K Rises Above Dh310 Per Gram
Date
1/24/2025 4:28:22 AM
(MENAFN- Khaleej Times)
The Gold rally continued on Friday, lifting the price of 22K in Dubai above Dh310 per gram.
According to the Dubai Jewellery Group, 24K was trading at Dh335.75 per gram while 22K opened at Dh310.75 per gram. Among the other variants, 21K and 18K were trading at Dh301 and Dh258 per gram, respectively.
Globally, spot gold was trading at $2,771.01 per ounce, up 0.52 per cent due to uncertainty around US President Donald Trump's tariffs policy and his calls to lower interest rates.
The yellow metal has rallied strongly this week, said Ole Hansen, head of commodity strategy at Saxo Bank. The move accelerated after breaking resistance at $2,725, clearing the path to retest last year's record high at $2,790.
He reiterated Saxo Bank's long-held bullish view on both gold and silver.
“Demand for investment metals continues to be fuelled by an uncertain geopolitical landscape, where global tensions and economic shifts have led investors to seek safer assets," Hansen said.
"With Trump 2.0 upon us, this development shows no signs of fading, given the potential risks of tariffs causing inflation to move higher and the dollar eventually weakening, thereby removing an obstacle standing in the way of further gains."
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