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Gold prices rise steep in Dubai

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DUBAI: Buying gold and jewelry is turning out to be even more expensive suddenly as gold rate here puts on a near five dirhams a gram in just nine days. The price of 22K early Friday is Dh210 a gram, as international bullion prices hover at $1,841 an ounce.

Only once in the last six months has gold seen such a surge. The previous one was between November 10 to November 21, when the price had shot up to $1,866.

While gold has been stuck at well over $1,780 levels for the best part of two years, shoppers in the UAE have generally been resistant to spending when gold is in the $1,810 and over range.

Commodity analysts say shoppers could be better off waiting until March, which is when the US Federal Reserve will announce its first interest rate hike of the year and then follow it up with two more. Higher interest rates mean less need for global investors to pump in funds into stocking up on gold.

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