Gold prices in Dubai have gone up sharply, increasing by almost Dh12 within just one day. The rate is now close to Dh500 per gram.
At 9am in the UAE, the price of 24K gold reached Dh499 per gram. Other categories also became more expensive, with 22K gold at Dh462, 21K at Dh443, and 18K at Dh379.75 per gram.
This sudden rise is mainly because many people believe the US Federal Reserve may soon cut interest rates. When interest rates are expected to drop, investors often move towards gold since it does not earn interest but is considered a safe and valuable asset.
Disclaimer: This information is based on available reports.
