Gold Prices Surge to Record Highs in Dubai Amid Diwali Celebrations
Gold prices in Dubai, United Arab Emirates, soared to new record highs, coinciding with the Indian festival of Diwali. According to data from the Dubai Jewellery Group, the price of 24-carat gold reached Dirham 337.25 (approximately Rs 7,720.72) per gram in the morning, a notable increase from the previous evening’s closing price of Dirham 336.25 (Rs 7,697.83).
The pricing for other gold variants was also robust, with 22-carat gold trading at Dirham 312.25 (Rs 7,148.39) per gram, 21-carat at Dirham 302.25 (Rs 6,919.46), and 18-carat gold priced at Dirham 259.00 (Rs 5,929.33) as of 9:15 am UAE time.
In the US market, gold prices mirrored this upward trend, with the commodity hitting a record high of $2,790.15 (Rs 2,34,624.71) per ounce, marking a significant 6 percent increase in value this month. As of 0254 GMT, spot gold remained stable at $2,786.89 (Rs 2,34,350.56) per ounce, while US gold futures saw a slight decline of 0.1 percent, trading at $2,797.80 (Rs 2,35,273.34) per ounce.
Kyle Rodda, a financial market analyst at Capital.com, noted, “The rise in gold looks a lot like one of the Trump trades, or effectively a hedge against greater deficit spending in the United States.” This observation underscores the complex interplay between geopolitical events and market dynamics, particularly as investors seek safe-haven assets during periods of economic uncertainty.
As the festive spirit of Diwali encourages gold purchases in India and around the world, the surge in prices reflects both cultural demand and broader market trends.
