UAE: Gold prices jump over Dh4 per gram in Dubai as Russia attacks Ukraine
Investors, over the past few weeks, have been rushing towards the precious metal to seek refuge against a rise in stock market volatility
Gold prices jumped in the UAE on Thursday morning with 22K rising above Dh220 per gram at the opening of the market after Russia launched an attack against Ukraine.
The Dubai Gold and Jewellery Group data showed precious metal prices soaring by more than Dh4 per gram on Thursday after Ukrainian Foreign Minister Dmytro Kuleba said Russia has launched a full-scale invasion.
The 24K gold price opened at Dh234.50 per gram on Thursday, up from Dh230.25 from its Wednesday’s close. Among the other variants of the precious metals, 22K was trading at Dh220.25 per gram, 21K at Dh210.25 and 18K at Dh180.25.
Globally, spot gold jumped 1.76 per cent to $1,942.48 per ounce by 9.40 am UAE time.
“Gold has taken out resistance at $1,920 and can now target $1,960 and $2,000 an ounce. Gold is coming back into its own as a haven asset and I do not rule out new all-time highs in prices in the weeks ahead,” said Jeffrey Halley, senior market analyst, the Asia Pacific at Oanda.
Naeem Aslam, chief market analyst at AVA Trade, said investors, over the past few weeks, have been rushing towards the precious metal to seek refuge against a rise in stock market volatility stirred by uncertainty related to the Fed’s future monetary policy and tensions between Russia and Ukraine.