Gold jewellery prices in the UAE soared to their highest level in weeks after the US Federal Reserve decided to leave its key interest rate unchanged and projected no adjustments this year.
The price of 24-karat gold jumped by nearly Dh4 to Dh159.75 per gram on Wednesday. Only a few weeks earlier, 24K was retailing at Dh156 per gram.
Other gold pieces have also seen a price surge, with the 22K now selling at Dh150 per gram, 21K at Dh143.25 and 18K at Dh122.75.
Spot gold jumped to $1,319.02, the highest price reached since February 28, according to Reuters.
UAE consumers enjoyed a momentary price relief recently when gold jewellery shed a whopping Dh6.50 in value per gram. The precious metal had lost its lustre due to waning demand, coupled with the strengthening US dollar.
But the latest Fed decision brought some shine back to the precious metal, and the trend is likely to continue.