22K Gold Shoots To AED300 Per Gram, Setting A New All-Time High

Alifiya H Ujjainwala
Alifiya H Ujjainwala October 17, 2024

Gold prices hit new record high in Dubai

Gold prices in Dubai soared to an all-time high on Thursday, with 22K gold surpassing AED300 per gram for the first time. Ole Hansen, Head of Commodities Strategy at Saxo Bank, recently published an insightful report on the ongoing gold and silver rally. He highlighted that it is driven by a combination of factors including safe-haven demand, geopolitical tensions, and expectations for US interest rate cuts.

 

Gold has risen nearly 40% in 2024 and is currently trading just below $2685 per ounce. A potential prediction suggests that the metal could reach $3000 soon. Silver has also experienced a significant uptick, with LBMA delegates forecasting a 40% increase in prices to $45 per ounce over the next year. This is primarily attributed to the strong industrial demand for it. As investors seek to protect their assets from market volatility, they are turning to gold and silver as safe-haven investments.

Moreover, gold prices have continued to rise, despite a brief dip in mid-October. After a temporary correction, buyers returned to the market, pushing prices back to an all-time high of $2685, that reached last month. The market has witnessed an unprecedented uptrend this past year, with both gold and silver.
Technical analysis suggests that the metal is enjoying strong support from both investors and fundamentals. Traders are now closely watching US economic data to determine whether the gold rally can continue and reach a new record high for the sixth time this year.

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