Gold Prices in Dubai Surge to Record Highs in Early Trading
Gold prices in Dubai soared to a new record high as trading began on Monday, marking a strong start to the week. The price of 24K gold increased by Dh1 to reach Dh318.50 per gram at market opening, reflecting a rise of over Dh16 per gram in September alone.
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Other gold variants also hit record levels, with 22K priced at Dh294.75, 21K at Dh285.50, and 18K at Dh244.50 per gram by 9 AM.
On the global front, gold has been trading above $2,600 per ounce since last week, following a 50 basis point interest rate cut by the US Federal Reserve. As of 9:15 AM, the precious metal was priced at $2,627.86 per ounce, up 0.29%.
The surge in gold prices has been fueled by the Fed’s interest rate cuts and rising geopolitical tensions in the Middle East.
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Michael Brown, senior research strategist at Pepperstone, noted that as the new trading week begins, market participants are processing the Fed’s significant rate cut amid a lighter economic agenda, alongside end-of-month and quarter-end flows.
Brown remarked, “The moment participants had been waiting for finally occurred on Wednesday, with the FOMC delivering the first rate cut of the cycle, aggressively lowering the target range for the fed funds rate to 4.75-5.00 percent. This unexpected 50 basis point cut aligned broadly with market expectations.”
In addition, the recent escalation of conflict between Israel and Hezbollah has contributed to the upward momentum in gold prices over the past few days.
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