Dubai: Gold Sets New Record High 22K Rises To Dh408 Per Gram

(MENAFN- Khaleej Times)

Gold prices continue to set new record highs in Dubai as the 22K variant of the precious metal jumped nearly Dh3 per gram to Dh408 at the opening of markets on Tuesday.

The yellow has been consistently rising over the past few days, touching a new all-time high.

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The Dubai Jewellery Group data showed 24K jumping Dh3 per gram to Dh440.5 per gram while 22K rose Dh2.75 per gram to Dh408.0.

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Interestingly, 21K is also now inching closer to Dh400 as its price rose to Dh391.0 per gram on Tuesday morning. The 18K variant of the yellow metal opened at Dh335.

Sell or hold?

Going by analysts' estimates, gold will stay strong in the coming weeks due to easing US monetary policy, a weaker dollar, and buying by the central banks.

Therefore, UAE residents could hold, if possible, for now and sell later to maximise the benefits of the high prices. However, residents and investors should also watch out for profit-taking after a strong rally witnessed over the months.

All eyes on $3,700

Spot gold also crossed the $3,650 on Tuesday, trading at $3,655.32 at 9.30am UAE time, driven by rising expectations of interest rate cuts after weaker US jobs data.

After crossing the key psychological mark, all eyes are on the next milestone of $3,700 per ounce.

“Over the past week, gold bulls have been unstoppable, with prices breaking through the $3,600 level. Weak US nonfarm payrolls, political turbulence in Japan, central bank gold buying, and ongoing geopolitical risks have collectively supported the upward move. This week, the release of US CPI and PPI may provide further guidance for price action,” said Dilin Wu, research strategist at Pepperstone.

Linh Tran, market analyst at xs, said gold is in a powerful uptrend and has set a record high.

“In the medium term, gold's primary trend tilts positive if a genuine monetary-easing cycle takes shape; in that scenario, a lower-rate environment combined with a weaker dollar will continue to support the metal,” said Tran.

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