Gold Prices in Dubai Reach Dh530.25 per Gram as Rally Continues

Gold prices in Dubai have continued their upward trend, reaching Dh530.25 per gram for the 24K variant on Wednesday morning.

This represents a gain of Dh1.5 from Tuesday's market close and marks the latest development in the ongoing rally.

The spot gold price globally was trading at $4,401.02 per ounce, up 0.45%, with silver also rising by 0.87% to $65.34 per ounce.

Analysts attribute the resilience of gold prices to their repeated resistance to selling attempts below the global spot price of $4,000.

Ole Hansen, Head of Commodity at Saxo Bank, notes that despite several headwinds, including elevated bond yields and renewed concerns about US rate hikes, underlying demand for gold has remained strong enough to absorb liquidation from more rate-sensitive investors.