Dubai: Gold Prices Jump Dh32 In 24 Hours To Surpass Dh600 Again As US-Iran Tension Mounts

(MENAFN- Khaleej Times) Gold prices surpassed Dh600 per gram again on Wednesday morning, rising Dh32 per gram in the past 24 hours as US-Iran tension pushed the precious metal above $5,000 again.

The 24K gold prices jumped to Dh611.75 per gram at the opening of the markets on Wednesday, up from Dh579.75 per gram on Tuesday morning.

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Similarly, the other variants also rallied, with 22K, 21K, 18K and 14K jumping to Dh566.5, Dh543.25, Dh465.5 and Dh363.25 per gram, respectively. Spot gold was trading at $5,082.63 per ounce, up 3.55 per cent at 9.15 am UAE time.

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On Tuesday evening, a US fighter jet shot down an Iranian drone that approached the Abraham Lincoln aircraft carrier in the Arabian Sea, prompting investors to rush to safe-haven assets like gold.

Gold rose on Tuesday, gaining back some losses after the abrupt unwinding of a record-breaking rally that had driven prices down 13 per cent in just two days.
Spot gold climbed as much as five per cent after falling 4.8 per cent in the previous session to extend a slump on Friday that was the steepest in more than a decade.

“Gold's 3-day plunge was very much a correction waiting to happen, but the fundamental drivers for its multi-year advance still remain strong. Given the unlikelihood of a rapid tightening cycle of monetary policy globally and lingering geopolitical concerns, higher prices for precious metals look likely,” said Vijay Valecha, chief investment officer, Century Financial.

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