Dubai: Gold jewellery fans in the UAE could be in for price increases of more than Dh3 per gram this week, as demand for the precious metal is forecast to surge amid tensions arising from the US-China trade war.
An analyst based in Dubai said on Sunday that the bullion could touch more than $1,300 an ounce over the next few days, and this could translate to retail rates of nearly Dh160 per gram.
As of 10:26am, prices at the souks and across the malls were still relatively low. Twenty-four-karat (24K) pieces were selling at Dh155.75 per gram, while 22K and 21K were priced at Dh146.25 and Dh139.75, respectively. Buyers of 18K gold can expect to shell out Dh119.75 per gram.
US President Donald Trump has recently escalated his tiff with China by increasing the tariffs on $300 billion worth of Chinese imports from 10 per cent to 25 per cent.
Source: Gulf News
The Frontier Post
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