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UAE gold prices have hit an all-time high

Gold prices in the UAE shot past Dh500 for the third day, opening just above the milestone mark on Thursday. By Thursday morning, 24K gold was trading at Dh509.25 per gram. The 22K variety jumped to Dh471.50.

That means gold buyers have seen prices rise well over Dh80 per gram in just two months. At the start of October, 24K gold was at Dh466.75, while 22K stood at Dh432.The rally reflects a confluence of forces. Intensified US-China friction and broad investor expectations for extended Federal Reserve easing have strengthened gold’s appeal as a haven asset. The metal has advanced about 5% so far this week and earlier breached a peak above $4,227 an ounce. Meanwhile, silver also jumped over 3%, citing tight supply conditions in the London market.

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