Gold prices clear $2,600 an ounce, Dh294 per gram of 22-karat, in record-setting year

Dubai: The gold price has crossed $2,600 an ounce for the first time, another record in a year where the safe-haven asset has already surpassed multiple milestones. In the commodity markets, the yellow metal had put on over $30 in trading today, and had been on $2,598-$2,599 for an extended period before pushing through past $2,600.

The UAE gold rate is Dh294 a gram for 22K, reflecting the latest upswing in global bullion prices. Some changes to the gold price was always going to happen after the US Fed rate cut by 0.5 per cent. Incidentally, in the hours after Wednesday's cut, gold had dropped to $2,560 plus levels. Today, it revived and made its run to $2,600. Gold is now at $2,622.

For shoppers, anything over $2,500 (or Dh280 a gram for 22K) represents quite a price barrier when it comes to gold purchases. Most who have been buying gold regularly for investment purposes are doing so less frequently, while others are opting for monthly instalment schemes to pick up a few grams later on.

Tracing gold's vault to new peaks