[Editor’s Note: Check the latest gold prices here.]
According to Dubai Jewellery Group, the 24K gold price increased by Dh1.25 per gram, reaching Dh507.0 per gram on Monday morning.
Other gold variants, including 22K, 21K, 18K, and 14K, were priced at Dh469.50, Dh450.25, Dh386.00, and Dh301.00 per gram, respectively.
On a global scale, spot gold was trading at $4,209 per ounce, marking a 0.27% rise at 9.15 am UAE time, influenced by a weaker US dollar and anticipation of the US Federal Reserve’s interest rate decision.
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Vijay Valecha, chief investment officer at Century Financial, noted that the focus this week is on the US Federal Reserve meeting (December 9-10), where there’s an 87% probability of a 25 bps rate cut, as market predictions suggest.
“With the UAE dirham linked to the US dollar, any Federal Reserve rate cut is likely to be mirrored by the UAE Central Bank, leading to lower borrowing costs and potentially boosting equity values, particularly in real estate and banking,” he explained.
Antonio Di Giacomo, senior market analyst at XS.com, mentioned that expectations for a new cycle of Federal Reserve rate cuts have increased.
