Gold prices surged by Dh1 per gram during the early trading hours in Dubai on the first day of the week, marking a new record high. By 9am UAE time on Monday, 24K gold reached Dh330.5 per gram, up from last week’s closing price of Dh329.5 per gram. The other variants also saw significant increases, with 22K, 21K, and 18K gold prices rising to Dh306.0, Dh296.25, and Dh254.0 per gram, respectively.
Globally, spot gold was trading at $2,729.16 per ounce, reflecting a 0.28 per cent increase at 9.15 am UAE time. Over the past year, the yellow metal has experienced a remarkable rise of over 37 per cent. Maruf Yusupov, cofounder of Deenar, noted that gold has been a stellar performer over the past quarter, achieving multiple all-time highs.
“Given gold’s market capitalization, this growth rate is quite remarkable, particularly when compared to Bitcoin, which recorded only a 24 per cent increase over the same period. This year, investor sentiment towards gold has notably improved as central bank monetary policies and regional conflicts have driven the demand for safe assets,” he explained.
In recent years, both gold and Bitcoin have been compared as potential safe-haven assets. Despite differing valuations and market performances, both have loyal supporters. However, recent trends indicate a shift in sentiment, with more investors turning to gold, suggesting a flight from more volatile assets like Bitcoin.
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