Gold Tops $2,000 an Ounce for the First Time

Gold Tops $2,000 an Ounce for the First Time

Gold prices hit $2,000 an ounce for the first time on Tuesday, the latest surge in a commodity seen as a refuge amid economic uncertainty.

The precious metal hit the symbolically important benchmark near 1615 GMT before retreating somewhat then crossing the line again about 30 minutes later.

Spot gold prices rose $18.5543, or 0.94 per cent, to $1,995.25 an ounce. Earlier, spot gold was bid at $2,000.11 an ounce.

In Dubai, 24k gold prices surged to record high of 242.25 per gramme while 22k and 21k soared to Dh227.50 per gramme and 217.25 per gramme, respectively. The yellow metal also crossed Dh2,000 per ounce price on Tuesday.

"The price of gold has consistently shown a skyward movement and has emerged as a preferred investment option," TS Kalyanaraman, chairman and MD of Kalyan Jewellers,