24ct gold is currently changing hands at Dh156.75 per gram in Dubai. (Shutterstock)
Spot gold prices surged more than 8 per cent in early trade today to above $1,300 an ounce, soaring almost $100/oz above its 200-day moving average.
24ct gold is currently changing hands at Dh156.75 per gram in Dubai even as gold price made fresh five-month highs in the emirate and across the world this morning.
A revaluation of the Swiss franc last week has acted as the biggest shot in the arm for the yellow metal in recent weeks, along with a softer dollar. Spot gold has now appreciated from $1,142/oz in early November to above $1,302 this morning – a spike of more than 14 per cent in less than three months.
Today’s surge comes on the back of uncertainty about whether or not the European Central Bank would announce additional stimulus measures in the wake of a deteriorating regional economy.
Analysts expect the ECB to further ease money-printing to stimulate the European economy, and a good amount of the additional stimulus is bound to end up in gold investments owing to the safe-haven appeal of the metal.
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