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As the year draws to a close, UAE gold shoppers may see another hike, which analysts predict could surpass the highs seen in 2023. The surge in prices is being attributed to growing prospects for rate cuts by the Federal Reserve as early as March, 2024.
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Bullion is trading near a record high, heading for its first annual increase in three years, as data showing US price pressures easing reinforces expectations for multiple rate cuts in 2024.
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On Wednesday, UAE gold prices for 22K jewellery stood at Dh232 as of 2pm. Markets are now pricing in a 75 per cent chance of a 25 basis points rate cut from the Fed in March, according to the CME FedWatch tool.
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Markets are also pricing in more than 150 basis points of rate cuts next year. This could mean even higher prices for the precious metal in 2024. *Read more about this here (copy and paste link into your browser): https://gulfnews.com/1.1700154344673
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For people who want to buy new gold jewellery, exchanging old gold could be the most affordable option and jewellers are promoting special offers for this kind of exchange. Some retailers are also offering discounts on making charges to attract shoppers.
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If you bought gold for investment, 2024 is expected to see high rates, especially before March. *Read more about gold investments here (copy and paste link into your browser): https://gulfnews.com/1.1701864947379
Image Credit: Virendra Saklani/ / Gulf News
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If you're looking for new jewellery purchases for daily wear or festive gifts, the most affordable kind would be 18K gold - which is selling for Dh192.50 per gram on Wednesday afternoon. *Get the latest UAE gold prices here (copy and paste the link into your browser): https://gulfnews.com/gold-forex
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