Malik Salameh – Mubasher: Gold prices rose slightly in the UAE during trading today, Wednesday, coinciding with the rise of the dollar and investors’ concern over negotiations over raising the US debt ceiling.
And by 10:20 am Emirates time, the price of 24 carat gold rose to 235.21 dirhams, “64.05 dollars,” from a level of 235.04 dirhams.
The price of 22 carat gold rose to 215.61 dirhams, “58.71 dollars,” from 215.46 dirhams.
The price of 21 karat gold rose to 205.81 dirhams, “56.05 dollars,” from 205.67 dirhams.
The price of 18 karat gold reached 176.41 dirhams, “48.04 dollars,” compared to yesterday’s price of 176.29 dirhams.
And the price of 14 carat gold reached 137.21 dirhams, “37.36 dollars,” compared to yesterday’s price of 137.11 dirhams.
The price of an ounce of gold was about 7315 dirhams (1992 dollars), and the gold pound recorded a price of 1647 dirhams, about 448.37 dollars.
He pointed out that gold prices in the UAE rose during the end of trading in the fourth month, the month (April) of 2023, with increasing expectations of raising the interest rate by the US Federal Reserve during the next May meeting, and the markets awaiting the issuance of US economic data.
Gold prices jumped in the UAE during the first quarter of this year, coinciding with investor concerns about the US Central Bank’s decisions to raise interest rates to curb inflation, the banking sector crisis in the United States of America, and the bankruptcy of 3 major banks..
It is noteworthy that gold prices in the UAE rose during the transactions of December of 2022, amid increasing expectations that the US Federal Reserve will continue to raise interest rates to curb inflation, and the escalating risks of a global economic recession.