This Tuesday morning, gold prices in the UAE saw a significant increase. Data from Dubai Jewellery Group indicates that 24-carat gold reached 607 dirhams; an increase of 4.5 dirhams compared to 602.5 dirhams yesterday.

 

Other carats also experienced upward trends and were traded at the following levels:

 

- 22-carat: 562 dirhams  

- 21-carat: 539 dirhams  

- 18-carat: 462 dirhams  

- 14-carat: 360.25 dirhams  

 

In the global market, the ounce of gold reached 5041.47 dollars; a 0.9 percent increase at 9:15 AM UAE time. Silver also rose by 2 percent to 82 dollars.

 

This price surge occurs as military tensions in the Middle East enter their eighteenth day, keeping oil prices above 100 dollars; a situation that has increased pressure on stock markets.

 

“Ole Hansen,” chief commodity strategist at Saxo Bank, states that investor demand for gold remains strong, and structural factors such as geopolitical tensions, the U.S. budget deficit, and central bank purchases continue to support the gold market. He believes that even if the pace of central bank purchases slows slightly, the main motivation of diversification and currency risk reduction remains intact.

 

Source: Khaleej Times