In Dubai, gold prices reached an unprecedented peak on Monday morning, with 24K surpassing Dh405 per gram.
According to data from the Dubai Jewellery Group, the price for 24K gold was recorded at Dh405.25 per gram on Monday morning, while 22K gold was priced at Dh375.25 per gram. Other gold variants saw 21K trading at Dh360.0 and 18K at Dh308.5 per gram.
In Asia, gold prices soared to a historic high of $3,370.17 per ounce, driven by concerns over tariffs and US President Donald Trump’s discontent with the Federal Reserve.
Several markets were closed on Friday, with some also shuttered for Easter Monday.
Charu Chanana, chief investment strategist at Saxo in Singapore, noted that the markets are already on high alert due to rising geopolitical tensions, which are compounded by fears that Trump’s potential intervention with the Fed may introduce additional uncertainty.
“Any political pressure on monetary policy could jeopardize the Fed’s autonomy and complicate the trajectory for interest rates at a time when investors are seeking stability amid global turbulence,” Chanana stated.
Recently, Saxo Bank and Citi Research updated their gold price forecast for 2025, increasing it to $3,500 per ounce.
“Investors are closely monitoring the interest rate expectations set by the Federal Reserve, as these greatly impact gold’s appeal. The current futures market indicates the potential for a 75–100 basis point rate reduction before the year concludes, suggesting a shift toward a more lenient monetary policy. Reduced interest rates lower the opportunity cost of holding gold (which yields no interest), thereby bolstering its price,” explained Saxo Bank.
Waheed Abbas
Waheed Abbas serves as Assistant Editor, focusing on real estate, aviation, and various business topics that direct…More