Gold prices hit $2,000 an ounce for the first time
Gold prices have risen more than 30 per cent this year as the coronavirus outbreak has weakened the economy.
Gold prices hit $2,000 an ounce for the first time on Tuesday, the latest surge in a commodity seen as a refuge amid economic uncertainty.
The precious metal hit the symbolically important benchmark near 1615 GMT before retreating somewhat then crossing the line again about 30 minutes later.
Spot gold prices rose $18.5543, or 0.94 per cent, to $1,995.25 an ounce. Earlier, spot gold was bid at $2,000.11 an ounce.
In Dubai, 24k gold prices surged to record high of 242.25 per gramme while 22k and 21k soared to Dh227.50 per gramme and 217.25 per gramme, respectively. The yellow metal also crossed Dh2,000 per ounce price on Tuesday.
"The price of gold has consistently shown a skyward movement and has emerged as a preferred investment option," TS Kalyanaraman, chairman and MD of Kalyan Jewellers, told Khaleej Times.
Gold prices have risen more than 30 per cent this year as the coronavirus outbreak has weakened the economy and clouded the global financial outlook. It is also supported by lower interest rates and safe-haven buying on concerns Federal Reserve policy and government stimulus are debasing the currency.
In an analysishe Commerzbank said gold price is viewed as buying opportunities.
"Gold jewellery, while being a desired and accepted lifestyle purchase, is also the only asset that offers the benefit of liquidity and value appreciation," Kalyanaraman said.
To a question about resistance level for gold, he said everything from geopolitical issues to economic factors and internal tensions reflect in the price of gold.
"The resistance level is very tough to forecast as these external factors constantly create a new base level," he said.
Going digital is no more the future. It is the present. READ MORE
Customers will be able to get access to fantastic products at great... READ MORE
Investors urged to diversify as US election outcome to greatly affect ... READ MORE
Revenues in the second quarter were at Dh34.744 billion and... READ MORE
Emirati-made rover will explore "areas of the Moon that have not been ... READ MORE
The men were in their SUVs when a downpour triggered a flood. READ MORE
Private hospitals and clinics will charge not more than Dh250 for the ... READ MORE
The eviction was implemented on the directives of the Ruler of... READ MORE