Dubai: Dubai witnessed the rise in gold price on Thursday. The price of the yellow metal increased by 0.6 percent.
As per a report in the Khaleej Times, the metal was trading at $1,737.38 per ounce by 0530 GMT (9:30 a.m. in the UAE).
The price of the retail gold also increased by Dh1. On Thursday, the price of 24K gold was Dh210.25.
The prices of 22K, 21K, and 18K gold were Dh197.5, Dh188.5, and Dh161.5 respectively.
Meanwhile, the head of commodity strategies at TD Securities Bart Melek said that the price of gold may increase by more than nine percent. The price of gold may climb to $1900, he predicted.
However, chief market strategist at Blue Line Futures in Chicago Phillip Streible, the price of the gold may reach at most $1,750 an ounce.