Gold prices surged in the UAE during Wednesday morning, reaching a three-week high. This increase was influenced by the global rise in yellow metal prices due to investors scaling back their expectations of additional US interest rate hikes.
At the start of the market, the price of 24K gold went up by Dh2 per gram, trading at Dh234.50. Similarly, its variations like 22K, 21K, and 18K also saw higher openings at Dh217.25, Dh210.25, and Dh180.25 per gram, respectively, by 9 am UAE time.
This situation occurred previously in May of the previous year, followed by five months of price decreases before a turnaround to an upward trend. Experts suggest that history might repeat itself this time. However, the recent rally has slowed down significantly by the end of the previous week.
It’s important to highlight that currently, gold is temporarily moving in line with the equity market. In contrast, during the spring of this year and the previous year, the situation was reversed: equity market declines led to increased gold buying activities.
