Following explosions in Israel, geopolitical tension in the Middle East increased, which led to a slight increase in gold prices in the UAE on Friday morning.
According to statistics from the Dubai Jewellery Group, 24K traded at Dh288.5 per gram at the start of the markets on Friday, while it was selling at Dh288.25 per gram at the end of the markets on Thursday. In contrast, the prices per gram for 22K, 21K, and 18K were Dh267.25, Dh258.75, and Dh221.75, respectively.
Amidst concerns of a broader regional conflict following explosions in Israel, gold prices increased on Friday. Iran reportedly shot down three Israeli drones over an Iranian facility as they were above the city of Isfahan.
According to Century Financial Chief Investment Officer Vijay Valecha, rising hostilities in the Middle East have raised the appeal of gold as a safe-haven investment.
The effects of the persistently high US interest rates were overshadowed by this trend. The Philly Fed Manufacturing Index, Existing Home Sales, Unemployment Claims, and comments from FOMC members are among the important US economic indicators that the gold market is also closely watching. The analyst added that these reports may provide additional information about the Federal Reserve’s interest rate trajectory.
Also Read:
Police in Abu Dhabi Alert the Public to Social Media Frauds that take Advantage of Events