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

Safe haven asset has been breaking and rewriting records in 2024

Last updated: September 22, 2024 | 14:30

Manoj Nair, Business Editor

1 MIN READ

Gold finally clears $2,600. Will this mean a push all the way to $3,000 is a strong possibility?

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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

Gold prices hit $2,100 on December 4, 2023, but then closed below that mark on the day.

The asset cleared $2,100 on March 4, 2024, and closing at $2,114.

On March 21, it breached $2,200 before closing at $2,181.

On March 28, the metal surpassed $2,200 again, closing at $2232.

The $2,300 mark was reached on April 3, closing $2,299.

Gold touched $2,400 on April 12, to close at $2,343. It crossed $2400 again on April 19, closing at $2391.

On August 13, the asset shot past $2,500.