For the second day in a row, gold prices hit a new high on Tuesday, with 21K also surpassing Dh500 per gram for the first time in Dubai and $4,700 worldwide. Following 24K and 22K, which had already achieved this milestone at Dh502.5 per gram, 21K became the third variation of the precious metal to surpass Dh500 per gram in Dubai on Tuesday.
On Tuesday morning, the price of 22K gold reached an all-time high of Dh524.0 per gram, up Dh3.25, while the price of 24K gold was trading at a record high of Dh566 per gram, up from Dh3.75 per gram. In a similar vein, the price per gram of 18K and 14K gold was Dh430.75 and Dh336, respectively.
According to Ahmad Assiri, a research strategist at Pepperstone, the US president’s recent threats to impose 10% tariffs on Europe, with the potential to increase them to 25% in the future, have elevated trade tensions worldwide, but this time within a larger geopolitical framework that touches on matters of pure influence in addition to the trade balance.
As Brussels is ready to renew a list of retaliatory tariffs worth about €93 billion on US imports, France appears to be the most harsh voice on the European side, calling for the employment of the EU’s Anti-Coercion Instrument. The largest winners of the resurgence of political dangers and growing global instability are precious metals.
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