Gold prices in Dubai crossed Dh500 per gram for the first time ever on Tuesday morning.

The Dubai Jewellery Group data showed 24K trading at Dh502.5 per gram, up from Dh493.25 per gram at the close of markets on Monday, an increase of Dh9.25 per gram. Similarly, 22K also rose Dh8.5 to Dh465.25 per gram at the opening of markets in Dubai on Tuesday, up from Dh456.75 per gram.

The prices of 24K and 22K later dropped to $497.0 and Dh460.25 per gram, respectively.

Globally, gold was trading at $4,105.66 per ounce, down 0.17 per cent. It touched a record high of $4,179.6 per ounce earlier in the day as investors bet on US interest rate cuts as well as the US-China trade row.

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Christian Gattiker, Head of Research, Julius Baer, said that with gold trading above $4,000 per ounce, it was a milestone week in the precious metal markets .

“The drivers behind the record run are unchanged: slowing US growth, lower US interest rates, and a weaker US dollar. Concerns about the independence of the US Federal Reserve and the US government shutdown are further fuelling the bullish mood, even though their impact on the markets is limited. The fundamental backdrop for gold and silver remains favourable, supporting our unchanged constructive views. Short-term setbacks are much more likely than a lasting correction,” said Gattiker.

He added that it was a milestone week in the precious metal markets as gold traded above the $4,000 per ounce threshold for the first time ever and silver set a new record , trading above $50 per ounce.

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