Jumbangla Desk: The price of gold is increasing by leaps and bounds. Gold prices have broken all-time records in Dubai, an important international market in the United Arab Emirates.
gold
According to data from Dubai Jewelery Group, the price of 24 carat gold rose to 324.25 dirhams per gram at market opening on Thursday (Oct 17), from 323.75 dirhams at market close on Wednesday. The price of 22 carat gold rose by 0.05 dirhams to open at 300.25 dirhams per gram.
Similarly, the price of 22 carat and 18 carat gold rose to 290.75 and 249.25 dirhams per gram, respectively. Khaleej Times news.
Global gold prices were at $2,678.58 an ounce, up 0.17 percent at 9:10 a.m. (UAE time).
Dilin Wu, research strategist at Pepperstone, said gold investors are gaining strength. Gold prices hit all-time highs in most G-10 currencies and are just below historic highs against the US dollar. This increase reflects real gold demand rather than just currency dynamics. I think the $2,700 level can be achieved before the end of October.
Uncertainty in the US economy is driving gold prices higher. Initial jobless claims were higher than expected and Federal Reserve Governor Christopher Waller warned that hurricanes and strikes could reduce October nonfarm payrolls by nearly a million, raising the risk of a future Fed rate hike.
