Dubai: Gold prices jump to Dh510; 24K gains over Dh25 this week so far

Gold prices in Dubai rose to Dh510 per gram on Thursday, setting a new record high for the fourth consecutive day.

On Thursday, at 9am UAE time, the 24K variant jumped Dh6.5 to Dh510 per gram, gaining Dh25.75 so far this week.

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Similarly, 22K rose to Dh472.25 per gram, rising Dh24 per gram so far this year. Among the other variants, 21K and 18K were selling at Dh452.75 and Dh388.25 per gram, respectively, at the opening of the markets on Thursday.

Spot gold was trading at $4,231.5 per gram, up over one per cent.

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According to a note issued by brokerage firm Pepperstone, gold extended its remarkable rally, trading north $4,235 per ounce after breaking above the $4,200 thresholds, sustaining a strong early-session bid.

“The metal is experiencing one of its most stable bull runs in years, powered by a softer dollar and expectations of rate cuts. Over the past month, gold has surged 15 per cent with shallow pullbacks of less than two per cent, signalling robust and one-of-a-kind wide demand from both institutional and retail investors.

"It has increasingly become a core component of diversified portfolios, particularly as concerns mount over elevated US equity valuations and growing chatter about a potential tech bubble. While such fears may be overstated, the perception alone continues to support gold as an anchor for such anxieties. A short-term pullback would appear healthy, but the broader trend remains firmly upward,” Pepperstone analysts said in the note.

• Dubai

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.