After breaking new highs twice in a day, gold prices in the UAE have continued its upward trajectory. When markets opened on Tuesday (December 23), 24K gold stood at Dh540, a whopping increase of more than Dh10 from the Dh529.75 that it was on Monday morning.  The rates of 22K, 21K,18K, and 14K stood at Dh500, Dh479.50, Dh411 and Dh320.50. Spot prices stood at $4,475.44 at 10:30am, up almost 1 percent from Monday. Meanwhile silver also surpassed the historic highs it hit yesterday and stood at $69.43.  According to Vijay Valecha, chief investment officer at Century Financial, this is “one of the strongest” rally the yellow metal has had since the 1970s. “This is is reflective of forces that make gold both a safe haven, and an inflation hedge,” he said. “However, current global dynamics tilt more towards risk aversion, making the safe haven characteristic outshine the inflation hedge one.” He explained that increased geopolitical tension, trade disputes, and economic uncertainty have led to the flow of funds into precious metals, particularly gold to shoot up.  Gold demand in the UAE He pointed out that gold demand in the UAE looks very different from most countries, mainly because of its role as a global […]