Buy/Sell: Gold rates in UAE cross Dh176.5 for 22K

Gold jumped to the highest in almost four months as tensions in the Middle East flared after a U.S. airstrike, spurring demand for haven assets.

In Dubai, the Gold and Jewellery Group sends out suggested retails rates for the yellow metal based on global prices and markets. On Friday, these prices touched new highs.

24K gold, the purest kind, which is usually bought for investment is priced at Dh187.50 per gram on Friday morning.

22K gold, the most commonly bought gold as it is used in jewellery, will put you back Dh176.25 per gram on Friday.

18K gold, an affordable option for daily use jewellery, is priced Dh144 per gram.

After the final price notification on Saturday morning, the price is fixed for two days - Saturday and Sunday, which would mean that it would be very costly to buy gold for the next couple of days, even if prices on Monday ease based on market conditions.

Get the latest Gold and Currency rates updated throughout the day on www.gulfnews.com/Gold-Forex