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Abu Dhabi: Gold prices rose at the opening of the markets in the United Arab Emirates (UAE) on Wednesday morning, August 9, after dropping Dirhams one per gram on Tuesday evening, August 8.
In Dubai, 24-carat gold price opened at Dirhams 233.75 per gram on Wednesday as compared to its previous night’s close of Dirhams 233.25.
While 22, 21, and 18 carats were priced at Dirhams 216.5, Dirhams 209.5, and Dirhams 179.5 per gram, respectively, at 9 am UAE time.
As per multiple media reports, many analysts and agencies expect gold to rise by 10 percent to 15 percent or more in 2023, which translates to a price hike of about 200 dollars (Dirhams 734) per ounce or roughly Dirhams 50 per gram, with most expecting a moderate increase in gold prices in 2024.
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.
This post was last modified on August 9, 2023 11:21 pm