Dubai: Gold prices rise almost Dh6 per gram in one day and close at a new all-time high – News
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The rally in gold prices continued on Friday, closing at an all-time high in the United Arab Emirates, gaining almost Dh6 on Friday alone.
The 24K variant of yellow jumped Dh5.75 per gram on Friday to close the week at Dh281.5 per gram, the highest level ever recorded. It earned Dh7.75 per gram in the first week of April 2024.
Among the other variants, the 22,000 closed higher at 260.75 dirhams, the 21,000 at 252.25 dirhams and the 18,000 at 216.25 dirhams; the three also set a new record.
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Globally, spot gold closed higher at $2,329.93 an ounce on Friday, up 1.79 percent.
[Editor’s Note: For real-time gold prices, click on the widget below of visit KT’s dedicated Trading News page here.]
Alex Kuptsikevich, senior market analyst at FxPro, said gold’s outlook is becoming a little less unambiguous.
“Gold has risen in every trading session since March 25… The next step in this pattern is profit taking, which will allow the price to cool down a bit,” he said.
Analysts said the precious metals market could be exposed to downside risks in the near term due to profit taking. However, the long-term outlook remains strong and prosperous.
“The price of gold could be exposed to the downside in the short term as traders may consider the market to be overbought,” said George Pavel, CEO of Capex.com Middle East.
“Strong price increases are usually followed by corrections that could see prices decline for a certain time before recovering again if conditions remain favorable,” Pavel added.
Vijay Valecha, chief investment officer at Century Financial, said long-term investors may find it advantageous to buy gold, even at its current elevated levels.
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