Gold prices in Dubai surged to an all-time high on Friday, driven by a global increase that saw gold surpass $2,700 per ounce. According to the Dubai Jewellery Group, 24K gold rose by Dh2.50, now priced at Dh328.25 per gram. Meanwhile, 22K gold hit Dh304 per gram, with 21K and 18K priced at Dh294.25 and Dh252.25 per gram, respectively.
Chris Weston, head of research at Pepperstone, noted that gold bulls are closing the week with renewed confidence after major price milestones were broken. The breakthrough above the $2,700 mark has left sellers absent from the market, further driving prices up.
Weston acknowledged the rapid rise in gold’s value, commenting on the steady demand for this safe asset amid market volatility. While gold’s price movement lacks the volatility seen in cryptocurrencies, its stability appeals to risk-averse investors.
Deenar’s co-founder, Maruf Yusupov, highlighted gold’s strong performance in recent months, achieving multiple record highs. He credited this growth to central bank policies and regional conflicts, which have boosted investor sentiment towards gold as a reliable safe haven.
As of Friday, the global price of gold stood at $2,708.44 per ounce, marking a 0.55% increase.
