UAE gold prices soar to record highs this week

Post by: Raman Preet

Gold prices reached a historic peak on Monday morning in the UAE, propelled by a surge in global rates driven by expectations of slowing US inflation.

In the UAE, the 24K variant of gold climbed by Dh2.5 per gram to Dh295.0 per gram at the market's opening on Monday, compared to last week's closing price of Dh292.5 per gram. Meanwhile, the 22K, 21K, and 18K variants were trading at Dh273.25, Dh264.5, and Dh226.75 per gram, respectively.

Since the beginning of the year, gold prices have surged by over Dh18 per gram. At 9:05 am UAE time, spot gold was trading at $2,438.29 per ounce, marking a 0.74 percent increase.

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Last week's US inflation data brought relief to US consumers and the economy, signaling a potential return to stable inflation levels.

Naeem Aslam, chief investment officer at Zaye Capital Markets, highlighted recent significant events, including Russian President Vladimir Putin's visit to China. Both countries expressed interest in trading using their own currencies, elevating the importance of gold.

Aslam emphasized the role of gold reserves in supporting currencies, particularly in transitioning away from the dollar-denominated system. He noted that countries like China and Russia, which are increasing their gold reserves, seek stability and value for their currencies, especially in times of currency crises.

India has already initiated currency trades with Russia for oil, and discussions are ongoing for the UAE to engage in similar currency exchanges with China, India, and Russia.

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