Will gold at Dh400 be a new norm?

SPIRALLING IRAN-ISRAEL CONFLICT IS HASTENING THE GOLD'S PRICE SURGE

- JUSTIN VARGHESE

If you’re a regular gold shopper in Dubai, this question may already be on your mind: Is Dh400 per gram for 22 carat gold just around the corner?

Over the weekend, Dubai’s gold price for 22 carat hit an all time high of Dh383.5 per gram, breaking past the previous peak of Dh381.75. For 24 carat, it touched Dh414 per gram.

Gold prices globally surged after Israel launched a series of airstrikes on Iran’s military and nuclear facilities. Iran retaliated with drone attacks, raising fears that the conflict could drag on and spread wider across the region. Whenever there’s conflict, gold shines. That’s because it’s considered a safe-haven asset, and global investors start buying more of it during uncertain times.