Last Updated on: 13th July 2023, 01:16 am
The Price Of Gold in The UAE is Nearing An All-Time High
Gold prices in the United Arab Emirates (UAE) approached an all-time high of $2,070 an ounce after hitting $2,062 in the last 24 hours and then stabilizing at $2,043.
The move comes after Gulf central banks hiked interest rates in line with the US Federal Reserve (Fed). The Central Bank of the United Arab Emirates (CBUAE) also raised the base interest rate on sight deposits by 25 basis points to 5.15%.
The Fed assured there would be no more hikes and gave consumers the option to buy more gold to fight inflation. The Fed’s decision is also likely to impact other sectors such as Bitcoin and Asian stock markets.
Gold prices in the UAE are currently AED229 per gram for 22,000, up from AED221 over the last 10 days. The rise and fall in the price of gold has drawn mixed reactions from consumers.
Gold prices have been slow to reach record highs, according to Oanda’s senior market analyst, Edward Moy. If the Fed doesn’t hike rates further, it could soon trigger changes in the market, he predicted.
Also Read: Dubai is Among The Top 10 Business Cities in The World