Gold rates in Dubai: 22K hits Dh408 again, retests all-time high
Gold prices in Dubai climbed again on Friday morning, with 22K hitting Dh408 per gram, matching Tuesday’s all-time high, as global prices rose above $3,650 per ounce.
According to Dubai Jewellery Group data, 24K was trading at Dh440.5, while 21K and 18K stood at Dh391 and Dh335 per gram, respectively. Spot gold was priced at $3,652.97 per ounce at 10 am UAE time, up 0.5 per cent.
Linh Tran, market analyst at XS.com, said gold regained momentum after the latest inflation report, rebounding from $3,615 to $3,650 per ounce. “The key driver in the short term is the September 18 Fed meeting on the rate decision. A 25 bps cut or dovish guidance could support gold’s upward trend, while a cautious stance may trigger choppiness,” she noted.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, added that dovish Fed bets and geopolitical uncertainties are continuing to push gold toward record highs.
