The gold prices in Dubai have hit an unprecedented record of Dh500 per gram on Tuesday. The Dubai Jewelry Group information indicated the 24K trading at Dh502.5 per gram compared to Dh493.25 per gram at the end of markets on Monday, which is Dh9.25 per gram.
Eventually, 22K also increased Dh8.5 to Dh465.25 per gram in the opening of markets in Dubai on Tuesday against Dh456.75 per gram.
The 24K and 22K later fell to $497.0 and Dh460.25 per gram, simultaneously. Gold in the global market was trading at $4,105.66 per ounce, a decline of 0.17 percent.
It hit the highest point of its history of $4,179.6 per ounce earlier in the day when investors were betting on the US interest rate cuts together with the US-China trade row.
According to Christian Gattiker, Head of Research, Julius Baer, the precious metal markets recorded a milestone week in the trade of gold above $4,000 per ounce.
Gattiker said, “The drivers behind the record run are unchanged: slowing US growth, lower US interest rates, and a weaker US dollar. Concerns about the independence of the US Federal Reserve and the US government shutdown are further fuelling the bullish mood, even though their impact on the markets is limited. The fundamental backdrop for gold and silver remains favourable, supporting our unchanged constructive views. Short-term setbacks are much more likely than a lasting correction.”
He further stated that it was a milestone week on the precious metal markets, with gold trading above the first time in history trading above the $4,000 per ounce mark and silver establishing a record of trading above the $50 per ounce mark.
