In Dubai, the price of gold kept rising, reaching a new high on Friday when the global price of an ounce of gold exceeded $2,600.
The 24K version of the yellow metal increased to Dh314.0 per gramme on Friday, beating its previous best of Dh313.75 per gramme reached on Thursday, according to data from the Dubai Jewellery Group.
Fed Chair Jerome Powell has stressed that the central bank is not in a rush to loosen monetary policy further and has encouraged care in interpreting future policy decisions, even if expectations continue to point to many interest rate reduction within the next few months. A declining US dollar and declining Treasury yields are also contributing factors to the rise in gold prices, according to Al Kurdi.
The monetary policy choices of other major central banks may also have an impact on investor mood and the allure of gold relative to other assets. Gold’s appeal as a safe-haven asset is also influenced by persistent worries about economic slowdowns in the US and China as well as escalating tensions in the Middle East, he continued.
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