Dubai: Gold prices jump Dh8 in a week, hitting record high

Gold prices in the UAE jumped eight dirhams per gram during this week as global prices rallied above $2,200, hitting an all-time high.

Whereas the precious metal prices in the month of March gained around Dh17 per gram.

Analysts expect this rally will continue in April, driven by the demand for the yellow metal global uncertainties and higher purchases by central banks.

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The Dubai Jewellery Group data showed 24K variant of the yellow metal closed the week at Dh270.5 per gram on Friday as compared to Dh262.5 per gram at the start of the week. Similarly, the other variants 22K, 21K and 18K also ended the week higher at Dh250.5, Dh242.5 and Dh207.75 per gram, respectively.

Globally, spot gold closed the week at around $2,232.75 per gram as against $2,172 at the start of the week, bolstered this month by expectations of interest rate cuts by the US Federal Reserve and central banks buying.

Joseph Dahrieh, managing principal at Tickmill, said gold reached an all-time high as traders expect that major central banks will implement interest rate cuts this year while escalating geopolitical tensions drove up demand for bullion as a safe-haven asset.

“In this regard, gold prices have seen a strong performance this week… Gold could continue to find support over the long term as interest rate cuts materialise while central bank purchases and geopolitical tensions continue to drive demand,” said Dahrieh.

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