UAE gold jewellery prices soar ahead of Eid Al Fitr holidays

Gold jewelry
Picture Credit score: File picture

Dubai: Gold costs within the UAE have gone up forward of the Eid Al Fitr holidays, buoyed by native shoppers seeking to purchase new jewelry previous to the lengthy break and traders looking for secure haven amid the US-China commerce warfare.

Spot gold elevated by zero.2 per cent to $1,286.89 an oz on Monday, whereas charges on the souks and different shops elevated by greater than Dh1.

As of 9am, the worth of 24-karat gold was retailing at Dh155.75 per gram, up from Dh154.50 per week in the past. The valuable metallic later edged greater to Dh156 per gram, registering a Dh1.50 enhance in a single week.

The retail charge for 22-karat gold additionally rose to Dh146.50, whereas 21Okay and 18Okay went as much as Dh139.75 and Dh119.75 per gram, respectively.

It isn’t simply the worth of gold that is going up. Customers who wish to journey abroad for a brief vacation throughout Eid Al Fitr ought to put together to shell out extra money, with flight ticket costs hovering to greater than Dh5,000.

Analysts and trade professionals are betting on extra value will increase this week. The speed for 22Okay is forecast to rise to as a lot as Dh148.45 per gram.

“Gold has actually reversed earlier losses as danger urge for food available in the market stays moderately shaky,” Benjamin Lu, an analyst with Singapore-based Phillip Futures, was quoted by Reuters as saying.

“US sanctions on Huawei and even the remainder of the Chinese language know-how corporations have actually aggravated commerce tensions.”

Gold charges in UAE, as of 9:12am
Picture Credit score: Dubai Gold and Jewelry Group

The valuable metallic already had a powerful exhibiting final week, closing at $1,284 an oz on Friday. The optimistic efficiency was supported by a slight weak spot within the American forex and lack of danger urge for food in equities, in accordance with Vijay Valecha of Century Monetary.

“The impasse within the US-China commerce talks alongside rumours that the US might ban extra Chinese language corporations noticed traders promoting off dangerous belongings and shopping for into secure havens like gold,” mentioned Valecha.

“Gold has its 200-day transferring common at $1,272 which occurs to be the assist ranges for the week and gold could possibly be anticipated to rally until $1,303, which corresponds to Dh 148.45 for 22Okay gold this week. Gold seems to be range-bound for the previous few week, however a breakout on the upside could possibly be anticipated any time quickly.”

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