In a swift turn of events on Wednesday evening, August 23, gold prices in the United Arab Emirates (UAE) experienced a substantial increase of nearly Dh 4 per gram. The surge followed the precious metal’s crossing of the significant threshold of $1,900 an ounce.
As the price of gold soared, Dubai’s 24-carat gold witnessed a notable jump to Dh 232 per gram from the previous night’s close at Dh 228.75. Similarly, the rates for 22, 21, and 18-carat gold reached Dh 215, Dh 208, and Dh 178 per gram, respectively, as of 6:10 pm UAE time.
Market observers and experts are closely monitoring the annual Jackson Hole Symposium set to take place in Wyoming later this week. Investors are particularly eager to glean insights into the potential trajectory of interest rates, with specific attention on Federal Reserve Chairman Jerome Powell’s scheduled speech on Friday, August 25.
Additionally, gold has historically been regarded as a hedge against inflation. Individuals often turn to gold during periods of heightened inflation to safeguard their investments, leading to an uptick in gold prices.