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Wednesday, December 11, 2024

Dubai: Gold prices jump on China buying, rise Dh4.75 in 24 hours

By Vijay Valecha in 'Century in News'

Dubai: Gold prices jump on China buying, rise...

Vijay Valecha, Khaleej Times, December 11, 2024

Gold prices jumped at the opening of the markets in Dubai on Tuesday, rising Dh1 per gram in early trade.

At the opening of the markets, the 24K variant of the yellow metal opened at Dh323.75 per gram, up from Dh322.75 per gram at the close of the markets on Monday. It jumped Dh3.75 per gram yesterday due to gold buying by China’s central bank. Gold has gained Dh4.75 per gram in the past 24 hours.

Bitcoin, the world's first and biggest cryptocurrency, soared past the $100,000 mark last week, leaping 40 per cent in the two weeks after Donald Trump won the US elections, as the market embraced the incoming US administration's pro-crypto stance.

Among the other variants, 22K rose to Dh299.75 per gram, 21K was trading at Dh290.25, and 18K was selling for Dh248.75 per gram in early trade.

Spot gold was trading at $2,670.41 per ounce, up 0.28 per cent at 9.10 am UAE time.

Gold prices rallied to a 2-week high on Monday after China’s central bank announced adding 160,000 fine troy ounces for the first time in seven months and expectations of interest rate cuts by the US Federal Reserve.

“The resumption in purchases indicates that the People’s Bank of China is still keen to diversify its reserves and guard against currency depreciation, even with bullion near record-high levels. Looking ahead, all eyes will be on the CPI data due later this week, an important indicator before the Fed’s meeting next week,” said Vijay Valecha, chief investment officer, Century Financial.

Source

Khaleej Times

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