Photo: KT file
Gold prices in Dubai reached a new record high on Friday morning as global prices surpassed the $2,700-an-ounce mark. According to the Dubai Jewellery Group, the price of 24K gold increased by Dh2.50 per gram to Dh328.25 per gram on Friday morning. The other variants, 22K, 21K, and 18K, were trading at Dh304, Dh294.25, and Dh252.25 per gram, respectively. Globally, gold was trading at $2,708.44 per ounce, marking a 0.55 percent increase.
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Chris Weston, head of research at Pepperstone, noted that it was another day where gold investors entered the weekend with heightened confidence, as significant levels were being surpassed. He added that the major news of the day was spot gold breaking the $2,700 mark, after which sellers seemed to disappear.
“It’s difficult to explain why the yellow metal is at its current level, and we can all speculate. This is a hot market, and while we may not see the volatility and range expansion seen in cryptocurrencies, many with lower risk tolerance are undoubtedly drawn to these golden waters,” Weston said.
Maruf Yusupov, co-founder of Deenar, highlighted that gold has been a standout performer over the past quarter, reaching multiple all-time highs. “Considering gold’s market cap, this growth rate is impressive, especially as it remained relatively stable compared to Bitcoin. Undoubtedly, investor sentiment toward gold has seen a more positive shift this year due to central bank monetary policies and regional conflicts, which have driven the demand for safe assets,” he said.
