Gold Prices Surge to Record Highs in Dubai on 17th & 18th July 2024
On Wednesday the 17th of July in the evening, gold prices in Dubai reached an unprecedented high, hitting Dh300.50 per gram before settling at Dh297.25. By Thursday morning, prices had climbed again, with 24K gold trading at Dh298.5 per gram.
Globally, spot gold was trading at $2,467.04 per ounce, marking a 0.23% increase. The previous session saw prices peak at $2,482 per ounce.
The surge in gold prices is largely attributed to expectations of a US Federal Reserve interest rate cut in September, following recent inflation data. Since July, the anticipation of rate cuts has driven gold prices up by $140 per troy ounce, a 6% increase. Most of the gains this year occurred in the first quarter and early second quarter, when rate cut expectations were initially declining. During that period, gold prices rose nearly $330 per troy ounce, about a 16% increase, according to Edward Bell, Head of Market Economics at Emirates NBD Research.
Bell noted that in the medium to long term, factors such as consumer sentiment, equity market performance, and the US dollar have a significant impact on gold prices.
“Gold thrives during times of declining consumer and investor confidence, as seen during the global financial crisis and the pandemic,” Bell added.
For more interesting articles, updates, news and happenings in Dubai and UAE just sign up for our FREE Updates sent to your email every time we publish something for you.
