Gold prices in UAE saw a sharp increase today compared to yesterday . Gold prices are climbing to a one-week high supported by global price hikes, with the price of an ounce rising above $ 1,300
The price of 24k gold in Dubai up to Dh160.12 , You can buy 22k gold at Dh146 today and Dh120.75 per gram for 18k gold in Dubai
Gold prices continued to trade near two-month highs as Federal Reserve Chairman Janet Yellen’s disappointing remarks at the Jackson summit continued pressure on the dollar.
The dollar index fell to its lowest level in 15 months after a softening speech at the Jackson Hole Economic Forum, which did not mention anything about monetary policy, disappointing investors who were waiting for a more hawkish tone.
The dollar has been under strong selling pressure this year amid continuing uncertainty over US President Donald Trump’s economic agenda and doubts that the Federal Reserve will raise its benchmark interest rate this year.
The dollar index, which measures the strength of the greenback versus a basket of six major currencies, fell 0.1% to trade at 92.38, causing losses on Friday. And fell to its lowest level since early May 2016 at 92.30 earlier.
Gold usually benefits from a weak dollar, as it enhances the metal appeal as an alternative asset and makes commodities cheaper for the dollar holders of other currencies.
The yellow metal has strengthened in recent weeks as political tensions in the US have bolstered the demand for safe haven.
European Central Bank President Mario Draghi said the bank’s strong monetary policy was bearing fruit and that the euro zone’s economic recovery had grown stronger, but declined to comment on recent European currency gains.
Among other precious metals, silver rose 0.5 percent to $ 17.15 a troy ounce after reaching its highest level since Aug. 18 earlier in the session at $ 17.21 an ounce.
Platinum rose 0.8 percent to $ 979.45 an ounce, while palladium rose 0.2 percent to $ 930.55 an ounce.