Gold prices in Dubai, United Arab Emirates (UAE), jumped to a new record high on Thursday morning, October 31, the day of the Indian festival—Diwali.
The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 337.25 (Rs 7,720.72) per gram in the morning of the markets on Thursday as compared to its Wednesday night, October 30, closing at Dirham 336.25 (Rs 7,697.83) per gram.
22, 21, and 18-carat gold were priced at Dirham 312.25 (Rs 7,148.39) per gram, Dirham 302.25 (Rs 6,919.46), Dirham 259.00 (Rs 5,929.33) respectively, at 9:15 am UAE time.
In the US market on Thursday, gold reached a record high of 2,790.15 dollars (Rs 2,34,624.71) per ounce, marking a 6 percent increase so far this month.
Spot gold remains steady at 2,786.89 dollars (Rs 2,34,350.56) per ounce as of 0254 GMT, while US gold futures have slightly decreased by 0.1 percenr to 2,797.80 dollars (Rs 2,35,273.34) per ounce.
“Rise in gold looks a lot like one of the Trump trades, or effectively a hedge against greater deficit spending in the United States,” Kyle Rodda, financial market analyst at Capital.com told Reuters.
