Abu Dhabi: Gold rates in the United Arab Emirates (UAE) on Monday, November 27, jumped by one Dirham per gram after the precious metal crossed the 2,000 dollars an ounce level.
The Dubai Jewellery Group data showed 24-carat gold rate trading at Dirhams 243.50 per gram on Monday evening, as compared to its previous night’s close of Dirhams 242.50 per gram.
While 22, 21, and 18 carats were priced at Dirhams 225.75, Dirhams 218.5, and Dirhams 187.25 per gram, respectively, at 6 pm UAE time.
Gold price hits 6-month peak on Fed pause speculation
Gold reached a six-month high on Monday due to a softer dollar and Federal Reserve expectations of a pause in monetary tightening.
Gold is expected to trade around 2,000 dollars until the Fed provides more information on its interest rate plan, according to senior market strategist Bob Haberkorn, Reuters reported.