On Monday afternoon, gold prices in Dubai surged to a new all-time high, rising by about Dh5 per gram. While 24K gold drew closer to the critical Dh450 barrier, 22K gold’s price broke beyond Dh415.5 per gram.
Data from the Dubai Jewellery Group shows that the price of 24K gold increased by Dh4.75 to Dh448.75 per gram. In the meantime, the cost of 22K increased by Dh4.25 from the previous session to Dh415.5. In a similar vein, 18K gold was trading for Dh341.5 per gram, while 21K gold was getting close to the Dh400 mark at Dh398.5.
Buyers of gold jewellery in the UAE are faced with a dilemma as a result of this price spike: should they buy now in case prices rise higher, or sell since there are rumours that the rally has peaked? Analysts predict that 24K gold could reach Dh450 per gram as early as today or later this week if this uncertainty persists. As of 4 PM UAE time, spot gold was up 1.03% on the global market, trading at $3,723.98 per ounce.
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