Dubai gold prices went up high on Monday, with 24K gold getting close to the Dh550 mark just before Eid Al Adha, which made it harder for people who are getting ready to buy festive jewellery.
The reason why gold prices in Dubai went up is because of what happened in the bullion markets. The US dollar got weaker oil prices kept changing. Investors were watching what was going on with the talks between the United States and Iran.
In Dubai, the price of 24K gold went up to Dh549.75 per gram, which is Dh6.50 more than the day before. The price was Dh543.25 per gram on the day. At the time, 22K gold went up to Dh509.25 from Dh503.25.
This is happening when people in the UAE usually buy a lot of gold, like jewellery, coins and gifts before Eid celebrations.
People who study gold say it is still a thing to invest in when there is a lot of uncertainty in the world. What is happening with inflation and oil markets is also affecting how much people want to buy gold.
Gold prices in India also went up, which is what is happening around the world. The price of 24K gold went up to ₹15,938 per gram. The price of 22K gold went up to ₹14,610 per gram.
Around the world, the price of gold was $4,561 per ounce after it had almost reached $4,580 earlier. People are being careful because they are watching what is happening with the talks between the United States and Iran and how it might affect the energy supply routes, like the Strait of Hormuz.
People who study gold say that the US dollar getting weaker has also helped gold prices because it makes gold cheaper for people who use currencies. Even though gold prices have gone up, traders are still being careful because of the talks between Washington and Tehran. Because they are watching what might happen with inflation and what the US Federal Reserve might decide to do.
