Gold prices remained stable at the start of trading in Dubai on Wednesday, according to the Dubai Jewellery Group. The data indicated that the 24K gold was priced at Dh282.75 per gram; 22K at Dh261.75; 21K at Dh253.5; and 18K at Dh217.25 per gram at 9am UAE time, mirroring the rates from the previous evening's close. Internationally, gold was trading at $2,334.57 per ounce, marking a 0.18% increase at 9.10am UAE time.
[Editor's Note: For up-to-the-minute gold rates, use the widget below or visit KT's dedicated Trading News page here.] Gold has shown exceptional performance in 2024, climbing by 12% in the first half, outperforming most major asset classes. This surge has been driven by sustained central bank purchases, investment inflows from Asia, robust consumer demand, and ongoing geopolitical tensions.
As investors look ahead to the second half of 2024, the central question is whether gold's upward trajectory will persist or if it is nearing its peak. "With a few exceptions, the global economy displays uncertain growth signals – anticipating rate reductions – amidst subdued yet still concerning inflation. The market's perspective is quite similar. Our assessment indicates that the current gold price generally aligns with market expectations. However, events often deviate from forecasts. Both the global economy and gold appear to be awaiting a trigger," the World Gold Council noted in its recent report.
"For gold, the catalyst might emerge from declining rates in developed markets, which could draw Western investment, along with ongoing support from global investors aiming to mitigate rising risks in a complacent equity market and enduring geopolitical strains," the Council added.
