By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
  • World
  • Business
  • Sports
  • Lifestyle
Search
Countries
More Topics
  • Health
  • Entertainment
Site Links
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: UAE: Gold prices approach Dh300 per gram – News
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Uncategorized
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Uncategorized
UAE to See Almost 30,000 New Millionaires in 5 Years
Uncategorized
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Uncategorized
Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf
Latest News
The Edge, Subsidiary of Zinc Media Group, Opens Official Office in Riyadh
Business
VitrA Tiles at Cersaie 2025: Pioneering “100% Recycled Porcelain Tile” among innovation and immersive experiences
Business
K’omani Energies B.V. and Africai Announce the Launch of the Pan-African Green AI Alliance
Business
Securing Fertilizer Supply Chains in a Changing World: An Interview with OMIR Group on the Gulf’s Strategic Role
Business
Miley Cyrus Reimagines Iconic Maybelline New York Jingle as She Becomes Global Face of the Brand
Business
Unlocking Business Growth: The First Step is Your Sharjah Trade License
Business
Bitget Turns 7, Coining the ‘Universal Exchange’ as the Next Generation of Exchanges
Business
Ortac Global Showcases Dubai’s Accounting and Compliance Services
Business
Maryam Berkani leads Timgad to build a trusted bridge for global investors in Dubai
Business
Maryam Berkani leads Timgad to build a trusted bridge for global investors in Dubai
Business
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
Search
  • Home
  • Gulf
  • Business
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > UAE: Gold prices approach Dh300 per gram – News
Business

UAE: Gold prices approach Dh300 per gram – News

News Room
Last updated: 2024/08/02 at 11:10 AM
News Room
Share
3 Min Read
SHARE

Gold prices in the UAE continued to rise on Friday as global prices surged due to geopolitical tension in the Middle East and expectations of US Federal Reserve rate cuts. The 24K variant of gold rose half a dirham to Dh297.5 per gram, while 22K, 21K, and 18K were selling for Dh275.5, Dh266.5, and Dh228.5 per gram, respectively. Globally, spot gold was trading at $2,463.45 per ounce, marking a 0.7 percent increase. Experts predict a promising trajectory for gold, with potential target ranges of $2,700-$3,000, translating to Dh330-Dh365 in the upcoming months.

Vijay Valecha, CIO of Century Financial, suggested a positive outlook for gold, while Chris Weston, head of research at Pepperstone, highlighted the market’s support for gold owing to various factors, including the possibility of a weak US payrolls report and geopolitical tensions in the Middle East. Weston emphasized the potential for gold to reach a new all-time high and move closer to $2,500 in the coming days. The current scenario presents gold as a primary hedge against risk, particularly in light of escalating geopolitical tensions and economic uncertainties.

Samer Hasn, a market analyst at XS.com, attributed gold’s recent moves to a sharp contraction in US manufacturing activity and a notable increase in initial jobless claims, reinforcing the market’s expectations for multiple rate cuts this year. The rapidly escalating geopolitical tensions, especially fears of a wider regional war in the Middle East, are also contributing to gold’s upward trend and the anticipation of further gains. The combination of economic indicators and geopolitical factors is driving investors towards gold as a safe-haven asset.

The prevailing atmosphere of uncertainty and risk in global markets is further fueling the demand for gold as a safe-haven asset. The potential for US Federal Reserve rate cuts and geopolitical tensions in the Middle East are significantly impacting gold prices, with experts projecting continued gains in the near future. As investors seek protection against economic uncertainties and geopolitical risks, gold is emerging as a preferred investment choice, with prices expected to reach new highs in the coming months. Stay updated with the latest news and trends in the gold market to make informed investment decisions.

In conclusion, the surge in gold prices in the UAE and globally is attributed to a combination of geopolitical tensions, US Federal Reserve rate cut expectations, and economic indicators. Experts foresee a positive trajectory for gold, with potential target ranges indicating further price increases in the near term. As investors navigate through uncertainties in global markets, gold continues to shine as a safe-haven asset, providing a hedge against risks and market volatility. Stay informed and monitor gold prices closely to capitalize on investment opportunities and protect your portfolio in an uncertain economic environment.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room August 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Weather in the UAE: Expect a fair to partly cloudy day with possibilities of blowing dust and sand
Next Article Cake that tastes better than it appears gaining popularity in UAE
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Edge, Subsidiary of Zinc Media Group, Opens Official Office in Riyadh
Business October 7, 2025
VitrA Tiles at Cersaie 2025: Pioneering “100% Recycled Porcelain Tile” among innovation and immersive experiences
Business October 7, 2025
K’omani Energies B.V. and Africai Announce the Launch of the Pan-African Green AI Alliance
Business October 7, 2025
Securing Fertilizer Supply Chains in a Changing World: An Interview with OMIR Group on the Gulf’s Strategic Role
Business September 28, 2025

You Might also Like

Business

The Edge, Subsidiary of Zinc Media Group, Opens Official Office in Riyadh

October 7, 2025
Business

VitrA Tiles at Cersaie 2025: Pioneering “100% Recycled Porcelain Tile” among innovation and immersive experiences

October 7, 2025
Business

K’omani Energies B.V. and Africai Announce the Launch of the Pan-African Green AI Alliance

October 7, 2025
Business

Securing Fertilizer Supply Chains in a Changing World: An Interview with OMIR Group on the Gulf’s Strategic Role

September 28, 2025
Business

Miley Cyrus Reimagines Iconic Maybelline New York Jingle as She Becomes Global Face of the Brand

September 24, 2025

Unlocking Business Growth: The First Step is Your Sharjah Trade License

September 23, 2025
Business

Bitget Turns 7, Coining the ‘Universal Exchange’ as the Next Generation of Exchanges

September 23, 2025
Business

Ortac Global Showcases Dubai’s Accounting and Compliance Services

September 22, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?