These initiatives are part of commitments by the local firms to support the UAE community in times of crisis
Gold prices in Dubai and worldwide continued their upward trend on Tuesday amidst the weakening of the US dollar and rising inflationary pressures.
Spot gold was up 0.1 per cent or $1.78 an ounce at $1,870.76 at 9.20am UAE time, hitting a three-and-a-half-month high.
In the UAE, 24K retail price jumped by Dh2 on Tuesday, as compared to Monday morning, and was trading at Dh226.25 per gram. The precious yellow metal has gained around Dh3 per gram since Sunday.
According to Dubai Gold and Jewellery Group’s data, 22K retail price rose by Dh1.75 per gram to Dh212.5 and 21K jumped to Dh202.75, up by Dh1.50. Meanwhile, 18K was priced at Dh173.75 per gram on Tuesday, an increase of Dh1.25 from Monday morning.
Naeem Aslam, the chief market analyst at AVATrade, said gold prices are likely to continue their run this week as traders know that economic recovery in the US is uneven.
“For instance, the US retail sales numbers released last week were underwhelming. Traders became concerned that consumers aren’t spending, and this means that economic recovery isn’t likely to tick higher. The data also adversely influenced gold prices, and this is further supporting the gold prices,” said Aslam.
Vijay Valecha, the Chief Investment Officer (CIO) at Century Financial, predicted on Sunday that 24K Dubai gold price could touch Dh227 this week.
waheedabbas@khaleejtimes.com
These initiatives are part of commitments by the local firms to support the UAE community in times of crisis
Though some employers were considerate enough to allow employees to work from home, some have asked staff to report to work now
It is a tale of love and dedication scripted in the heart of Abu Dhabi
The event brought together key players in the polo community to celebrate a successful season and honour outstanding achievements
In the first two days after the torrential rain on Tuesday, around 1,244 flights were cancelled
There has been fear that decades of enmity between the two could spill over into all-out war
The leading hypermarket chain has implemented additional measures to ensure sufficient stock availability for shoppers
Thousands of personnel deployed to clear accumulated water, clogged drains, and fallen trees