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Dubai gold jewellery prices soar as US dollar weakens

Retail prices in Dubai are about Dh14 per gram more expensive from the start of the year

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Jewellery buyers will find today's gold prices a bit more expensive compared to last week.

Dubai: Consumers in the UAE will now have to spend more out of their pockets when they buy gold jewellery, as the bullion just soared to its highest level in nearly two months.

As of 3.30pm on Monday, 24K was retailing at Dh153.75 per gram, gaining by Dh2.75 per gram from about a week ago.

Jewellery prices in the UAE have also significantly increased in value over the last seven months, with current retail rates increasing by a little over Dh14 per gram when compared to the start of the year.

Gold touched its highest level in almost seven weeks on Monday. The spot price hit $1,266.99 an ounce as of 0846 GMT from an earlier $1,270.98 an ounce, its highest since June 14, according to Reuters. 

The bullion is gaining support from the weakness of the US dollar, coupled with the recent dovish comments from the United States Federal Reserve and strong American economic data.

Some experts are speculating that the precious metal will continue to advance and gain enough bullish pressure to hit the $1,300 level.

According to Kitco’s gold survey, nearly seven in ten (71 per cent) of respondents in Wall Street and 65 per cent in Main Street are seeing gold prices to rise by the end of the week.

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