Dubai: Gold prices jump to new all-time high; 22K crosses Dh240 per gram
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Gold prices jumped to a new all-time high at the opening of the markets in Dubai on Thursday as the precious metal crossed the $3,050 per ounce mark.
At 9am, the 24K variant of the yellow metal opened at Dh367.5 per gram, up Dh2.25 from Dh365.25 per gram at the close of the markets on Wednesday. Similarly, 22K rose to Dh340.25, 21K to Dh326.25, and 18K to Dh279.75 per gram.
Globally, spot gold was trading at $3,051.96 per ounce, up 0.61 per cent, as the US Federal Reserve held interest rates steady on Wednesday.
The yellow metal rally is also driven by tariff jitters and tension in the Middle East.
George Pavel, general manager at Naga.com Middle East, said gold prices traded at record highs after surpassing the $3,000 level, as rising geopolitical tensions in the Middle East fuelled risk aversion.
'The end of the ceasefire saw a resurgence in hostilities and could drive investors toward safe-haven assets as they avoid volatility risks in other asset classes. Such conditions could help gold record new highs,' he said.
'However, positive developments in Eastern Europe could limit gold's gains although uncertainty on that front could play in the metal's favor. Traders could continue to monitor the situation in the region and the impact of new developments on sentiment,' said Pavel.
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