Abu Dhabi: Gold prices in the United Arab Emirates (UAE) on Wednesday evening, August 23, jumped by nearly Dirhams four per gram after the precious metal crossed the 1,900 dollars an ounce level.
In Dubai, 24-carat gold was priced at Dirhams 232 per gram as compared to Tuesday night’s close at Dirhams 228.75.
22, 21, and 18-carat gold were priced at Dirhams 215, Dirhams 208, and Dirhams 178 per gram, respectively, at 6:10 pm, UAE time.
As per the media reports, Investors and analysts are also watching the annual Jackson Hole Symposium in Wyoming later this week for any hints on how much higher interest rates could be, with a particular focus on Federal Reserve Chairman Jerome Powell’s speech on Friday, August 25.
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.
