UAE gold prices steady climb has caught the attention of buyers ahead of the weekend. On Friday morning, the price of 24-karat gold rose to Dh441 per gram after dipping to Dh439 mid-week. The price of 22-karat gold also moved up to Dh408.25 from Dh406.50.
This rise comes after the US Federal Reserve announced a 25 basis-point interest rate cut earlier this week. The decision sent global bullion to record highs, with prices reaching $3,707.57 per ounce before sliding back. By Friday morning, international gold was trading at $3,650.51 per ounce.
Market analysts said traders turned cautious after comments from Fed Chair Jerome Powell. He hinted that the central bank would decide on future rate cuts on a “meeting-by-meeting” basis. A stronger US dollar also weighed on gold.
Despite the volatility, UAE gold prices steady climb has created a “new normal” for local buyers. Jewellers in Dubai report that customers continue to purchase gold, especially for weddings and festivals, even at record price levels.
Meanwhile, India’s gold rates also rose on Friday, with 24-karat gold at ₹11,133 per gram and 22-karat gold at ₹10,205 per gram. In corporate news, Zijin Gold International of China plans a $3.2 billion IPO in Hong Kong, boosted by strong global bullion prices.
Experts say gold remains attractive as a safe-haven asset, especially during uncertain economic times. With prices hovering near all-time highs, buyers are watching closely to see if the upward trend continues into next week.
