Gold prices in Dubai hit a new record on Monday evening, with the 24K variant of the yellow metal reaching Dh319 per gram, rising by Dh1.5 per gram on the first trading day of the week. This marks a significant increase of Dh16.75 per gram so far this month. Among the other variants, 22K is trading closer to Dh300 per gram, while 21K and 18K are selling at Dh295.25 and Dh285.75 per gram, respectively. Globally, gold was trading at $2,629.13 per ounce, up 0.34 per cent at 7pm UAE time, indicating a positive trend in the market.
According to Wael Makarem, financial markets strategist lead at Exness, the gold market could continue to remain on a positive course as conditions remain favourable. He mentioned that gold has benefited from expectations of a softer monetary policy in the US and other major economies, driven by the Federal Reserve’s large interest rate cut and expectations of more easing. This could lead to an upward trend in gold prices over the medium term. Additionally, uncertainty over the strength of the US and other major economies could fuel caution among investors, leading to increased demand for gold as a safe-haven asset.
Makarem also pointed out that central banks purchasing gold in large quantities could provide further support to the yellow metal. Geopolitical tensions in the Middle East and Europe, which show no sign of coming to an end, could drive investors towards gold and other safe-haven assets. In the short term, the uncertainty surrounding the outcome of the US elections could cause gold prices to rise, although some volatility may be witnessed in the market as traders react to new economic data releases. With these factors at play, the gold market is expected to see continued growth in the coming days and weeks.
As gold prices continue to soar in Dubai and globally, it is important for investors and those interested in the precious metal to stay updated with the latest news and market trends. Following KT on WhatsApp Channels can provide valuable insights and updates on the gold market, helping individuals make informed decisions regarding their investments. With the current positive trend in gold prices, staying informed and making strategic decisions are crucial for maximizing returns and minimizing risks in the volatile market.
The rise in gold prices is a reflection of various factors influencing the market, such as monetary policies, geopolitical tensions, and economic uncertainties. These factors contribute to the demand for gold as a safe-haven asset, particularly in times of instability and market volatility. With the anticipation of further easing in monetary policies and ongoing geopolitical tensions, gold prices are likely to continue their upward trajectory, presenting opportunities for investors to capitalize on this trend.
In conclusion, the record-breaking gold prices in Dubai and globally indicate a positive outlook for the precious metal as it continues to gain value. With expectations of softer monetary policies, geopolitical tensions, and uncertainty surrounding the US elections, gold remains a favourable investment option for many. By staying informed, monitoring market trends, and making strategic decisions, investors can navigate the gold market effectively and take advantage of the potential for continued growth in gold prices.
