Despite robust US employment growth in March, bullion’s record advance was maintained by a number of factors, including speculative purchasing, central bank purchases, and predictions on US interest rate cuts. On Friday, gold prices surged to a new record high.
The price of the 24K version of the yellow metal in the United Arab Emirates increased from yesterday’s close of Dhs275.75 per gram to Dhs282.00 per gram on Saturday morning.
After reaching a record high of $2,330.06 earlier in the day, spot gold climbed 1.5% to $2,324.15 per ounce as of 2:03 p.m. EDT (1803 GMT). This week, bullion gained almost 4%, marking the third consecutive week of gains. US gold futures reached $2,345.4, a 1.6% increase.
According to Phillip Streible, chief market strategist at Chicago’s Blue Line Futures, along with robust central bank purchases and speculative buying, excessive capital inflows and everyone’s pursuit of the market high are supporting gold prices.
In the United Arab Emirates, the price of the 24K version of the yellow metal increased from yesterday’s close of Dhs275.75 per gram to Dhs282.00 per gram on Saturday morning. The 22-K gained 261.25 per gram, the 21-K gained 252.75, and the 18-K gained 216.75.
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