As the US dollar weakens, Dubai gold prices soar

Consumers in the UAE will now have to spend more out of their pockets when they buy gold jewelry, as the bullion just soared to its highest level in nearly two months. Some experts are speculating that the precious metal will continue to advance and gain enough bullish pressure to hit the $1,300 level.

As of 3.30pm on Monday, 24K was retailing at Dh153.75 per gram, gaining by Dh2.75 per gram from about a week ago. Gold touched its highest level in almost seven weeks on Monday. The spot price hit $1,266.99 an ounce as of 0846 GMT from an earlier $1,270.98 an ounce, its highest since June 14, according to Reuters.

The bullion is gaining support from the weakness of the US dollar, coupled with the recent dovish comments from the United States Federal Reserve and strong American economic data.

Source Credit: Khaleej Times
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