UAE gold market, relying on imports, predicts gold price surge due to US interest rate cuts and geopolitical tensions.
As of September 2, 2024, the UAE's gold market, valued at $20 billion in 2019, relies heavily on imports from countries like India and Switzerland. Jewelry purchases constitute nearly half of gold transactions. Recent price fluctuations saw 24K gold drop to Dh302.25 per gram, with global prices at $2,496.83 per ounce. Analysts predict prices could rise to $3,000 per ounce due to anticipated U.S. interest rate cuts and geopolitical tensions.
September 02, 2024
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