Gold prices soared to new heights in Dubai, crossing the $3,015 per ounce mark. This increase was driven by rising demand for safe-haven assets amid ongoing global uncertainties. 24K gold was priced at Dh362.75 per gram, up by Dh2.75 from the previous day’s close. Other gold types also saw an increase, with 22K at Dh336, 21K at Dh322, and 18K at Dh276 per gram. Spot gold was trading at $3,011.58 per ounce, up by 0.46%.
The surge in gold prices can be attributed to tariff uncertainties. These economic factors have triggered a rise in the demand for gold as a stable investment. Vijay Valecha, chief investment officer at Century Financial, explained that this trend of increasing demand will likely continue. He also noted that attention is now on the upcoming US Federal Reserve meeting. Market participants will be closely watching any comments from Fed Chair Jerome Powell, as these could offer insights into future interest rate decisions. According to the CME’s Fed watch tool, there is a 99% probability that interest rates will remain unchanged.
Financial markets strategist Inki Cho from Exness said that while gold might face some price corrections, economic and geopolitical uncertainties will likely provide ongoing support. He pointed out that tensions in the Middle East could also increase demand for gold. As these uncertainties continue, gold remains a top choice for investors seeking security in their portfolios.
Gold prices have steadily climbed as global instability rises, making it an attractive investment. With geopolitical risks and economic tensions in the air, the demand for gold will likely keep pushing its price upward.
