UAE Gold price surged to a new all-time high on Thursday, surpassing $3,050 per ounce as markets opened. This sharp increase reflects ongoing economic uncertainties and rising global tensions.
At 9 am, 24K gold was priced at Dh367.5 per gram, increasing by Dh2.25 from Wednesday’s closing rate of Dh365.25 per gram. Similarly, 22K rose to Dh340.25, 21K reached Dh326.25, and 18K climbed to Dh279.75 per gram. These steady increases indicate strong demand for gold as a safe-haven asset.
Global/ UAE Gold Price Surge
On the global market, spot gold traded at $3,051.96 per ounce, rising 0.61 percent after the US Federal Reserve decided to keep interest rates unchanged. Since interest rates impact investment decisions, this stability has encouraged more investors to turn to gold.
Moreover, the rally in gold prices is fueled by growing economic uncertainties, trade concerns, and geopolitical tensions in the Middle East. The recent escalation in hostilities following the end of a ceasefire has driven investors toward safe-haven assets, further boosting demand for gold. As a result, prices continue to climb.
Key Factors Driving UAE Gold Price
Gold remains a preferred asset during periods of uncertainty. The combination of trade tariffs and geopolitical instability is increasing its appeal among investors. Furthermore, concerns about inflation and currency fluctuations are adding to its attractiveness.
In addition, the metal’s upward trend is influenced by expectations of future US monetary policy. Many traders believe interest rates could stay high, which could affect global markets and push more investors toward gold.
Market Outlook and Future Trends
Gold’s upward momentum could continue if geopolitical risks persist. However, potential positive developments in Eastern Europe might limit further gains. Consequently, traders are closely watching global events to assess potential market shifts.
Since uncertainty in financial markets often leads investors to seek stability, gold remains a top choice. The ongoing volatility in multiple regions may keep gold prices elevated. Any unexpected developments in global politics or economic policies could influence future price movements.
