Gold prices spikes in Dubai by Rs 22.64 per gram

In Dubai, 24-carat gold price trading at 245.50 dirham (Rs 5,557.21) per gram on Monday.

Abu Dhabi: The gold prices at the opening of the markets in the United Arab Emirates (UAE) on Monday morning, January 29, spiked by one Dirham (Rs 22.64) per gram.

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The Dubai Jewellery Group data showed 24-carat gold price trading at Dirhams 245.50 (Rs 5,557.21) per gram on Monday, as compared to Sunday night’s, January 28, close at Dirhams 244.50 (Rs 5,534.58).

22, 21, and 18-carat gold were priced at Dirhams 227.25 (Rs 5,144.25), Dirhams 220 (Rs 4,980.13), and 188.50 (Rs 4,267.07) per gram, respectively, at 9:15 am UAE time.

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Globally, spot gold rose 0.22 percent to Dollars 2,026.32 (Rs 1,68,469.26) per ounce on Monday morning as escalations in the Middle East triggered safe-haven buying.

Investors now await US Federal Reserve chairman Jerome Powell’s remarks at the end of a two-day policy meeting this week for an interest rate outlook, Reuters reported.

Investors turned to gold which is often viewed as a safe store of value during times of political and economic instability.

In addition, gold is often seen as a hedge against inflation. When the value of the currency falls due to rising inflation, investors buy gold to protect the value of their investment, increasing the demand for gold and increasing its price.

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