Precious Metals
Dubai Gold prices jump in early trade on New Year, set to stay high in 2025
Globally, spot gold closed last night at $2,624.49 per ounce as commodity, currency and stock markets were closed on Wednesday due to the New Year holiday.
The yellow metal surged around 27 per cent last year, hitting a record high of $2,790 per ounce due to US rate cuts, central bank buying and geopolitical tensions.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said gold had a stellar year and could see more gains in case of a downside correction in global equity markets.
Analysts expect demand for the safe-haven metal will stay strong for the yellow metal due to geopolitical tension in the Middle East and other regions around the world, continued buying by central banks, and US debt worsening and deficit growing.
Analysts expect prices to reach $3,000 per ounce in 2025 due to these factors.
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