Gold prices in Dubai have climbed to a 10-day high, with 22K gold now priced at Dh378.5 per gram and 24K crossing the Dh400 mark to reach Dh408. This rise comes as many UAE residents—particularly expats—are still considering whether to buy gold jewellery before leaving for their summer holidays. The last time prices were this high was on June 2, when 22K gold reached Dh376.50 per gram, highlighting the current upward momentum.
Global economic factors primarily drive the latest price spike. Speculation around the U.S. Federal Reserve’s potential interest rate cuts is playing a significant role. A recent U.S. inflation report came in lower than expected, increasing the chances of rate reductions later this year. In times of falling interest rates, gold becomes more attractive as a non-interest-bearing asset, often gaining value during economic uncertainty.
Despite this, analysts remain cautious. Ole Hansen, Head of Commodity Strategy at Saxo Bank, pointed out that while rate cuts could push gold prices higher, it would take further signs of economic weakness for the metal to break out of its current trading range.
Read Also :
Steven Looije: Offering Real Estate Expertise for Smart Investments With HUIS Real Estate
A Visionary Leader In Talent Acquisition And Advisory: Sanjeev Pradhan Roy
