Following an almost 9% price increase last month, the gold market’s advance resumed on Wednesday, setting a new high.
So, have prices peaked, or is now still a good time for UAE visitors and residents to purchase gold and jewelry?
According to analysts, gold has been overbought, and there may be a short-term correction. However, the long-term picture is still positive. Therefore, UAE consumers should hold off on purchasing gold and jewelry until there are favorable entry points.
Recently, the US Federal Reserve’s anticipated decision to lower interest rates has significantly influenced gold prices. Prices increased by about 9% in March alone. The 24K version of the precious metal gained Dh2 per gram from Tuesday’s market close to reach Dh276.5 per gram on Wednesday morning. Likewise, on Wednesday, the prices of 22K, 21K, and 18K reached new highs, selling at Dh256.0, Dh247.75, and Dh212.5 per gram, respectively.
At 9.15 am UAE time, spot gold was marginally higher globally at $2,281.8 per ounce. Earlier in the day, it increased by almost 1% to reach a record high of $2,288 per ounce.
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