Gold Prices Surge Beyond 22K 302 Dirhams
The gold prices on the Dubai market continue to rise, attributed to the movements on international markets, the development of geopolitical situations, and global inflation data. On the morning of January 15, the price of 22-carat gold exceeded 302 dirhams per gram, indicating sustained momentum in the jewelry market.
The trend of gold prices in Dubai
According to the latest data from the Dubai Jewellery Group, the price of 24-carat gold rose to 326.75 dirhams per gram, while the 22-carat gold reached 302.50 dirhams. Other gold variants, such as 21-carat and 18-carat gold, also increased, with the former being 292.75 dirhams and the latter 251 dirhams per gram.
The changes in local market prices are significantly influenced by the demand and supply of gold on the international level, as well as the role of Dubai's globally renowned jewelry market. The Dubai Gold Souk and numerous modern jewelry stores continue to attract buyers, particularly tourists, who visit for tax-free shopping opportunities.
Global impacts on the gold market
On an international scale, the price of gold per ounce approached $2700, standing at $2696.91 during morning trading. The highest price in the past month has been triggered by a moderation in US core inflation, which fueled expectations that the US Federal Reserve may lower interest rates.
Additionally, the geopolitical situation in the Middle East, especially the ceasefire agreement between Israel and Hamas, had a moderate impact on gold market movements. While gold generally strengthens as a safe-haven asset during conflicts, the ceasefire prevented a significant price spike.
Why is gold important in Dubai's economy?
Dubai has traditionally been one of the global centers for gold and jewelry trade, with high demand not only among local residents but also international buyers. The tax-free shopping options, high-quality jewelry, and reliable market prices all contribute to gold trade being a cornerstone of the city's economy.
Shopping tips
For those interested in buying gold in Dubai, it's important to keep an eye on daily price changes, which are regularly updated by the Dubai Jewellery Group. It's advisable to check both the traditional Gold Souk market and the jewelry stores in larger shopping malls to find the best deals.
The price of gold may continue to fluctuate in the coming weeks, so it's worth monitoring global economic and political developments that could have a significant impact on the rates.
Summary
The rise in gold prices in Dubai continues to benefit those purchasing precious metals as investments, but it's also crucial for jewelry buyers to stay updated on pricing trends. The momentum of the gold market clearly demonstrates Dubai's position as a key hub in global trade.
