Russia-Ukraine crisis: Gold surges above $1,970, could hit $2,000 an ounce, prices in UAE soar over Dh5 per gram


Gold prices jumped more than Dh5 per gram in the UAE on Thursday afternoon after Russia launched military operation against Ukraine.

The Dubai Gold and Jewellery Group data showed 24K price soaring Dh5.5 to Dh235.75 per gram on Thursday afternoon, up from Dh230.25 from its Wednesday’s close. Among the other variants of the precious metals, 22K rose to trading at Dh221.5 per gram, 21K to Dh211.5 and 18K to Dh181.25.

Globally, spot gold jumped above $1,950 in the afternoon to trade at $1,955.85 at 2pm UAE.


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“Gold is a safe-haven asset along with the US dollar, and this is its day. We could inevitably see new all-time highs in gold,” said Jeffrey Halley, a senior market analyst at Oanda.

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