Gold prices in the United Arab Emirates (UAE) on Wednesday afternoon, October 11, jumped by nearly 1.25 dirham per gram amid escalating military conflict between Israeli forces and the Palestinian militant group Hamas.
Investors turned to gold which is often viewed as a safe store of value during times of political and economic instability.
The Dubai Jewellery Group data showed 24-carat gold price trading at 226.50 dirhams per gram on Wednesday afternoon, as compared to the opening of the market of 225.25 dirhams per gram.
While 22, 21, and 18 carats were priced at 209.75 dirhams, 203.00 dirhams, and 174 dirhams per gram, respectively, at 1:30 pm UAE time.
Israel-Palestine war
The war began on Saturday, October 7, after Hamas infiltrated southern Israel, sending fighters, firing 5,000 rockets, and taking captives, including women, children, and the elderly, which prompted Prime Minister Benjamin Netanyahu to warn of “a long and difficult war.“
Gaza’s Ministry of Health said that at least 1,055 Palestinians have been killed, including 260 children and 230 women, and 5,184 citizens injured so far due to Israeli attacks.
In Israel, the number of people killed in Hamas attacks reached 1,200, including 170 Israeli soldiers, while more than 2,900 were injured.
