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Dubai: Gold price rises to 250 dirhams per gram – News

Published: Tue Dec 26, 2023, 10:10 am

Last update: Tue Dec 26, 2023, 10:18

Gold prices rose more than one dirham per gram on Tuesday morning to reach 250 dirham per gram.

According to data from Dubai Jewelery Group, the 24K variant of the precious metal was trading at Dh250 per gram at the opening of markets on Tuesday, compared to Dh248.75 per gram the previous day. On the other hand, the 22,000, 21,000 and 18,000 dollar copies opened at 231.5, 224.0 and 192.0 dirhams per gram, respectively.

Globally, spot gold rose 0.51 per cent to $2,063.65 an ounce at 9.15 am UAE time, as US dollar and bond yields fell on rising prospects for interest rate cuts by the Federal Reserve starting in March of next year. Gold hit a more than two-week high of $2,070.39 in the previous session.

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[Editor’s Note: For real-time gold rates, click on the widget below or visit KT’s dedicated Trading News page here.]

Global markets reopened on Tuesday after a prolonged pause due to the Christmas holidays.

Analysts expect prices of the yellow metal to remain high in 2024 due to interest rate cuts and global geopolitical issues.

Nick Cawley, senior strategist at dailyFX, said a weaker dollar and lower Treasury yields increase gold’s appeal and a fresh attempt at the Dec. 4, 2023 high of $2,147 a year is expected. ounce in early 2024.

IG Market strategist Yeap Jun Rong said the yellow metal resumed its rise in the new week, after getting a nod from softer-than-expected US personal consumption spending data last Friday. which validates the expectations of moderate rates valued by the markets. .

As long as the trend in economic data holds, he said, gold prices could see another breakout of the upper consolidation range at the $2,080 level.

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