Dubai rate for 22k gold now costs over Dh400; price scales new heights again

Crowd-favourite 22-karat gold is now at Dh403 in Dubai, with global price up 0.7% to sky-high level of $3,614.  Gold prices in Dubai hit a fresh high on Monday, pushing the 22K rate above Dh400 per gram for a second day, as global investors reacted to weaker-than-expected US employment data.

Bullion in international markets rose around 0.7%, just above the previous record set last Friday, when prices jumped as much as 1.5%. In Dubai, 24K gold was up Dh3 to Dh435.25.

Lower borrowing costs tend to make non-yielding assets like gold more attractive. Safe-haven demand has also grown amid uncertainty over the US central bank’s policy direction. Market watchers in Dubai note that expectations of interest rate reductions are influencing both physical gold buying and investment flows