The current international market is dealing with severe instability primarily because of former U.S. President Donald Trump’s tariffs. This volatility is affecting many sectors, but the most impacted sector is that of precious metals. More importantly, the price of gold has skyrocketed in Dubai and the significant value it acquires over a single market day is worth noticing.
As per latest reports of the Dubai Jewellery Group, the price of 24 Karat gold is up by more than Ten Dirham per gram crossing the mark of 376.5 Dirham on Thursday opening. This marks an increase from previous opening of 363 Dirham by13.5 Dirham. Price of 22 Karat gold also increased significantly standing at 348.75 Dirham per gram compared to previous days price of 336.
Various reasons explain the unprecedented hike in gold prices, some include the uncertainty caused around the world due to intra-state trade relations as well as tariffs. Throughout history, investors have bought gold when there is instability in markets and this has inturn raised the prices significantly.
Dubai has always been in the spotlight for its gold business, but this recent spike has captured even more attention. Now gold merchants and investors are paying close attention as shifts in gold prices can heavily impact the local economy, with the city serving as a central point for both gold trading and jewelry production.
While there are still some parts of the world that need to be conquered in terms of economic uncertainty, one is sure – the price of gold is and always will be an extremely important marker of the state of the market. Many people will likely have to adapt as new changes in international trade and tariffs may still affect the worth of gold.