Dubai gold prices surge as investors seek safe haven

Dubai gold prices surge as investors seek safe haven

The surge in gold price is on account of the fact that gold is still considered as the safest investment.. Gold seems to be on a roller-coaster ride as local prices in Dubai marginally surged to quote 24k gold at Dh201.25 per 10 grams against the previous close of Dh200, and 22k at Dh189 against Dh188 previously.. It is a well-known fact that the three key drivers of gold prices are demand, supply and the behaviour of investors.. Anil Dhanak, managing director, Kanz Jewels, said: "Investors are looking for a safe haven and at the moment gold is the best bet.. When there is a dip in economic conditions, gold tends to go up and the current times is not an exception to that.. Even though gold manufacturers have put a temporary hold on gold manufacturing, retailers are holding gold reserves and procuring more gold which has resulted in gold price increase.". Endorsing a similar view, Vinay� Jethwani, partner, Meena Jewellers, said: "Gold has gone up a little on account of safe heaven buying.. It would be interesting to see where does gold go as it is still on a crossroad and things are not very clear in today's uncertain