The gold prices at the opening of the markets in the United Arab Emirates (UAE) on Wednesday morning, March 20, rose by Dirham 1.20 (Rs 27.15) per gram.
The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 261.25 (Rs 5,910.07) per gram in the afternoon of the markets on Wednesday as compared to its Tuesday night, March 19, closing at Dirhams 260.5 (Rs 5,893.10) per gram.
22, 21, and 18-carat gold were priced at Dirhams 241.75 (Rs 5,469.00) per gram, Dirhams 234.0 (Rs 5,293.68), Dirhams 200.75 (Rs 4,541.48) respectively, at 9:15 am UAE time.
Globally, spot gold was trading at Dollars 2,156.78 (Rs 1,79,191.64) per ounce as of 6:33 am Greenwich Mean Time (GMT).
Gold prices remain tight due to pending US Federal Reserve policy decisions and Powell’s remarks today, which could potentially reveal potential rate cuts this year, Reuters reported.
Investors turned to gold which is often viewed as a safe store of value during times of political and economic instability.
Moreover, gold is considered a hedge against inflation. People buy gold in times of high inflation for the safety of their investment which boosts gold prices.
