Gold prices rose by over Dh1 per gram during the start of the markets and beginning of the year 2025. Data from the Dubai Jewellery Group revealed that the yellow metal’s 24-carat variant traded at Dh318.0 per gram in the morning of Wednesday, up from Dh316.25 per gram at the close of the previous night while the 22-carat variant edged up Dh1.5 per gram to Dh194.5. Other variants which traded higher include 21 carat at Dh285.0 per gram and 18 carat at Dh244.5 per gram.
Worldwide, spot gold last night finished at $2,624.49 an ounce as commodity, currency and stock markets were shut on Wednesday due to New Year’s Day. And, the yellow metal rose by almost 27 per cent last year to $2,790 an ounce on the back of US rate cuts, central bank buying and geopolitical tensions. Gold enjoyed a great year Ipek Ozkardeskaya, a senior analyst at Swissquote bank, had noted, more so if in the probability of a downside correction of the global equity market.
The metal is expected continue to be given a safe-haven metal status to the yellow metal due to geopolitical tensions in the Middle East, buying from the central banks, and direction of US where the debt is worsening coupled with a growing deficit. These factors lead analysts, according to market predictions, to forecast prices of $3,000 per ounce of gold by the year 2025.
Despite early trade, prices are likely to edge upward are arguably positive for the year, gold continues to offer protection for those who wish to invest amidst the current uncertainty. From the selling of gold ornaments in Dubai’s gold souk to the various stock markets across the world, the yellow metal will sparkle in 2025.
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The target of investors who opted to invest in gold should consider the prices of gold and other significant events in the world market. It has emerged that Dubai remains one of the best places to buy or invest in gold due to its competitive prices and free from price manipulation.