Dubai: Gold Prices At An All-Time High, 22K Crosses Dh313 Per Gram
Date
1/31/2025 4:31:45 AM
(MENAFN- Khaleej Times)
Gold prices hit an all-time high in Dubai on Friday as 22K crossed Dh313 per gram at the opening of the markets.
Analysts expect prices could rise further in case of a sell-off in global financial markets due to uncertainty around US President Donald Trump's policy around tariffs and the AI war between the US and Chinese companies.
According to Dubai Jewellery Group data, the 24K variant rose to Dh338.5 per gram while 22K opened at D313.5 per gram. Among the other variants, 21K and 18K opened at Dh303.5 and Dh260.0 per gram, respectively.
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Globally, gold was steady at $2,794.21 per ounce on Friday morning after touching an all-time high of $2,799.71 earlier in the day.
The yellow metal jumped as investors rushed to safe-haven metal due to heightened US tariff concerns .
“Good news is that the US tariffs won't make America Great Again. The bad news is that it will be a lose-lose globally – which is probably why gold prices are on the rise again. The price of an ounce hit a fresh all-time-high, backed by a swift move to safety due to Trump's tariff threats, the rising geopolitical tensions, the rising US government debt and the fear of a potential tech rout that could lead to a global risk selloff ,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
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“The move is probably amplified by uncertainty regarding the expectations around central bank policies and Trump-dependency, emerging markets' central bank gold buying – in case the relations with the US get worse, and shifting market positioning,” she said.
Ozkardeskaya added that the question is whether gold could get more expensive.
“Yes, it could. A sizeable risk selloff in global financial markets could drive gold to fresh highs. But the rapid rise in speculative long positions hint that we should see a pullback in gold if the AI worries – triggered by DeepSeek – happen to be unfounded,” she added.
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