Gold Prices Rise in Dubai Market Surge
The Price of Gold Surges, 22-Karat Exceeds 294 Dirhams Per Gram
Dubai's gold market showed a strong increase once more on Thursday morning as rising global rates moved local markets. The price of gold in the United Arab Emirates saw a significant rise, with 22-carat gold surpassing 294 dirhams per gram. This change is in line with a 0.4% increase in international prices, where the price of gold reached $2,626.98 per ounce.
Local Price Developments
At 9 a.m. UAE time on Thursday morning, the gold prices for different grades opened in Dubai as follows:
a. 24-carat gold: 318.25 dirhams per gram, which is 1.25 dirhams higher than the previous evening's closing price.
b. 22-carat gold: 294.5 dirhams per gram, with a rise of 1 dirham.
c. 21-carat gold: 285.25 dirhams per gram.
d. 18-carat gold: 244.5 dirhams per gram.
These prices reflect global market trends and are closely tied to international price movements.
What's Behind the Increase?
Several factors influence the rise in global gold prices. Investors often choose gold as a safe haven in uncertain economic environments, which arise under inflationary pressures, geopolitical tensions, or even currency depreciations. The current increase in gold reflects the growing demand for the precious metal on the markets.
In the United Arab Emirates, especially in Dubai, the purchase of gold jewelry and investment products remains popular. The city's globally renowned Gold Souk market is attractive to both local residents and tourists, especially during such price movements.
How Are Buyers Reacting?
Despite rising prices, gold continues to be one of the most sought-after commodities in Dubai. According to local traders, buying gold is not just a cultural tradition but an important investment form for UAE residents. Price movements often encourage buyers to take advantage of exchange rate fluctuations, whether for long-term investments or short-term profit.
What Does the Future Hold?
The global gold exchange rate remains sensitive to economic and political events. Prices in Dubai are expected to continue rising if international markets maintain an upward trend. Buyers should actively monitor the exchange rates to invest at the best possible time.
Summary: Dubai's gold market has risen in line with global trends, which may further increase interest among local and international buyers. The city continues to play a pivotal role in gold trading, which is significant not only economically but also culturally.
