Dubai: Gold rates in Dubai went up on Monday as concerns over North Korea’s missile test resurfaced and sparked safe-haven demand.
The price of 24-karat gold jumped by Dh1 per gram to Dh155.50 as of 9.50am, while 22K and 21K rose to Dh146 and Dh139.25, respectively. Retail rate for 18K also inched up to Dh119.50 per gram.
Spot gold increased by 0.3 per cent to $1,278.81 an ounce at 0105 GMT after falling to its lowest since early August on Friday, according to Reuters.
The new price increase came after reports that North Korea may be getting ready to test fire a high-range missile that is capable of reaching as far as the United States.
However, most respondents in Wall Street that were polled by Kitco had earlier predicted that gold could weaken this week.
Other analysts had said the precious metal could post further price declines before picking up strength to hit an average of $1,300 by the end of 2017.
“Gold prices could decline towards $1,250 per ounce,” sad Georgette Boele of ABN Amro in her latest note. “We expect gold prices to bottom out close to $1,250 per ounce and to move higher again,” she added, citing that US real yields are expected to edge lower and the US dollar to weaken again at the end of 2017 and 2018.
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