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Sun 21 Jul 2019 03:49 PM

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Price of gold continues to rise in Dubai

Political tensions have intensified investor interest in gold

Price of gold continues to rise in Dubai
Karim Merchant, group CEO and managing director, Pure Gold, said jewellery retailers in Dubai are currently gearing up for the upcoming Eid festivities.

Political tensions in the region are resulting in slight gains in the price of gold.

Prices of both 22 karat and 24 karat gold are both up – 22k is trading at AED162.25 against last week’s AED161.25; while 24k is currently at AED172.75 as opposed to AED171.50 last week.

Karim Merchant, group CEO and managing director, Pure Gold, told Arabian Business: “Political tensions in the Middle East, with the Trump administration claiming to have destroyed an Iranian drone last week, has intensified investor interest in gold as the yellow metal is known as a safe haven during uncertain times. The market is also gearing up for lower interest rates from the Fed next week.”

Merchant said jewellery retailers in Dubai are currently gearing up for the upcoming Eid festivities, when holiday shoppers and the influx of tourists from other GCC countries will bring a “positive effect” on trade.