Gold prices continue their upward trajectory for the third consecutive session on Monday, signaling a shift in investor sentiment amidst ongoing economic and geopolitical uncertainties, reports The Economy.
Spot gold witnessed a 0.32 per cent increase recording $2,019.98 per ounce, as of 08:50 GMT. Meanwhile, US gold futures saw a 0.33 percent increase recording $2,030.75 per ounce.
In Dubai, 24-carat gold was priced at AED244.50 per gram, while 22-carat stood at AED 226.50 a gram.
The recent rise in gold prices is attributed to a combination of factors, including a weakening U.S. dollar and escalating tensions in the Middle East. Concerns surrounding political stability and potential oil supply disruptions bolster gold's appeal as a safe-haven asset, driving investor interest despite previous downturns.
Recent US economic data releases, such as the consumer price index (CPI), producer price index (PPI), and retail sales figures, significantly influence gold prices. The recent PPI for final demand rose 0.3 percent month-on-month in January from a 0.1 percent decline in December. That is the largest increase since August 2023. Year-on-year, the PPI increased 0.9 percent from a 1.0 percent rise in the previous reading.
Dubai gold prices rise
FE Team | Published: February 19, 2024 23:14:26
Dubai gold prices rise
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