UAE gold rate shoots up Dh4 a gram overnight as bullion heads back to $1,800

UAE gold rate shoots up Dh4 a gram overnight as bullion heads back to $1,800

Dubai: Gold prices made a dash to break the $1,800 an ounce mark once again, before dropping just a bit to $1,796 levels, which could hurt UAE shoppers’ plans to pick up some grams before heading for holidays to their home countries. Over the last 10 days, gold has gained more than $50 an ounce as dollar power declines over reducing concerns about US/global inflation. In the UAE, the gold rate shot up by Dh4 in the last 24 hours. It is now at Dh203.75 a gram for 22K, and making decisive break from the under Dh200 that was the norm since mid-October. Trends expected later today, when the US announces key data on job creation, could set the tone for the coming week, but more analysts are turning bullish about gold finding some staying power at $1,800 levels. “The trend is for gold prices to firm up, but the speed at which gold shot through to $1,800 still comes as a surprise,” said a jewellery retailer. “Some of our shoppers are still going to buy, having made their booking and down payment when the UAE gold rate was Dh199 a gram for 22K. “If gold pushes once more to