After falling below Dh399 per gramme on Wednesday night, gold prices in Dubai climbed beyond Dh400 per gramme on Thursday morning. 24K was selling at Dh401.75 per gramme at the start of Thursday’s trading session, up from Dh399 per gramme at the end of Wednesday’s trading session.
22K, 21K, and 18K opened for Dh371.75, Dh356.5, and Dh305.5 per gramme, respectively, more than the other varieties. Following allegations that US President Donald Trump had contemplated replacing Federal Reserve Chair Jerome Powell as early as September or October, a lower dollar and mounting uncertainty helped spot gold trade at $3,334.46 per ounce, up 0.1%. Because of global geopolitical tensions and the uncertainty surrounding Trump’s intentions, precious metal prices are predicted to remain over Dh400 per gramme.
According to Century Financial’s Chief Investment Officer, Vijay Valecha, while short-term volatility is expected, gold prices will likely stay above Dh400 per gramme in the long run.
Because of more general economic worries, Valecha thinks gold will continue to be popular. According to his projection, gold might increase from its current price of $3,335 per ounce to $3,700 by the end of the year and possibly reach $4,000 by the middle of 2026.
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