According to Dubai Jewellery Group, gold prices were nearing an all-time high on Thursday morning. While 22K was selling for Dh450 per gramme, 24K was going for Dh486.5. On Wednesday night, the yellow metal’s 22K variety broke beyond the Dh450 barrier and hit an all-time high of Dh450.5 per gram for the first time.
On Thursday, spot gold was down 0.26 percent at $4,038 an ounce. According to Ipek Ozkardeskaya, senior analyst at Swissquote Bank, the bullion finally surged above $4,000 per ounce on Wednesday due to a combination of strong central bank buying, renewed uncertainty surrounding the US government shutdown, and a decline in demand for traditional currencies such as the euro, dollar, sterling, and yen.
Whether gold has more room to run is a subject that is frequently asked. We lack valuation ratios to determine whether gold has become “too expensive,” unlike stocks. Additionally, there is a strong retail demand for the yellow metal, especially during India’s wedding season and China’s Golden Week. However, he stated that the physical leg is not the main cause.
Gold rallies because investors think it has value, Ozkardeskaya continued. How much is it worth? as much as people believe. Gold undoubtedly has limitless upward potential, as does one Bitcoin, if it is trading above $120,000.
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