Gold futures rallied Friday, with prices reaching record settlement and intraday highs on Comex. Gold prices surged as the market reacted to the escalating tensions in the Middle East, said Bas Kooijman, CEO and asset manager of DHF Capital. The escalation has "helped extend gold's uptrend of the last two months as traders take into account changing expectations regarding monetary policy." February gold (GCG24) rose $32.50, or 1.6%, to settle at $2,089.70 an ounce after trading as high as $2,095.70. Prices based on the most-active contract marked their highest settlement and intraday price levels on record, according to Dow Jones Market Data.

Sources: [Morningstar](https://www.morningstar.com/news/marketwatch/20231201425/gold-futures-climb-nearly-2-to-their-highest-levels-on-record)

[msn.com](https://www.msn.com/en-us/money/markets/gold-futures-climb-nearly-2-to-their-highest-levels-on-record/ar-AA1kR7j3)

Gold prices plunged nearly three dirhams per gram in the UAE on Thursday morning after the US Federal Reserve paused rates hikes.

According to Dubai Jewellery Group data, the 24K was trading at Dh234.25 at the opening of the markets as compared to last night’s close of Dh237.0 per gram, down Dh2.75 per gram. Similarly, 22K, 21K and 18K also opened lower at Dh216.75, Dh209.75 and Dh180.0 per gram respectively.

Spot gold was trading in the negative territory at $1,931.98 per ounce at 9.18 am UAE time.

The Fed refrained from raising interest rates at the end of the meeting on Wednesday. However, analysts expect further rate hikes later this year, rising from 5.0-5.25 to a range of 5.50-5.75 per cent by the end of 2023.

The drop in prices will boost demand for the precious metal and its jewellery in the UAE.

The Dubai-based financial services provider Century Financial said a break below $1,930 can instil corrections towards $1,912 followed by $1,890.

Bas Kooijman, CEO and Asset Manager of DHF Capital, said the UAE’s precious metals market, including gold, jewellery, gold bars and silver, was valued at Dh8.52 billion in 2020 and it is expected to reach a value of Dh13.21 billion by the end of the decade at a compound annual growth rate of 3.66 per cent through 2030.

Sources: [Khaleej Times](https://www.khaleejtimes.com/business/markets/time-to-buy-uae-gold-prices-plunge-nearly-dh3-per-gram?amp=1)
[Zawya](https://www.zawya.com/en/markets/commodities/time-to-buy-uae-gold-prices-plunge-nearly-082-per-gram-a7vifgct)
[UAE Times](https://uaetimes.ae/time-to-buygold-prices-plunge-nearly-dh3-per-gram-in-uae-news/)

small_khaleejtimes.jpg

thumbnail_khaleejtimes.jpg

khaleejtimes.jpg

Time to buy? UAE gold prices plunge nearly Dh3 per gram

large_Press release top head.jpg

medium_Press release top head.jpg

small_Press release top head.jpg

thumbnail_Press release top head.jpg

Press release top head.jpg

Gold futures settled lower on Thursday, a day after posting its largest daily percentage gain since the end of July. Prices for the precious metal "*remained under pressure with traders' attention turning toward the Federal Reserve*," said Bas Kooijman, CEO and asset manager of DHF Capital. Fed Chairman Jerome Powell's speech on Friday morning "*could create significant price movements as investors look for additional clues regarding the direction of monetary policy*." December gold fell $1, or nearly 0.1%, to settle at $1,947.10 an ounce on Comex.

Sources: [Morningstar](https://www.morningstar.com/news/marketwatch/20230824497/gold-futures-finish-with-a-loss-ahead-of-powells-speech-on-friday)

[Market Watch](https://www.marketwatch.com/story/gold-futures-finish-with-a-loss-ahead-of-powells-speech-on-friday-829f002b)

[London Loves Business](https://londonlovesbusiness.com/gold-under-pressure-ahead-of-fed-speech/)

[Head Topics](https://headtopics.com/us/gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday-42791045)

[Sweet Crude](https://sweetcrudereports.com/gold-under-pressure-ahead-of-fed-speech/)

[EWF PRO](https://www.ewfpro.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/79462-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[SG Insight](https://www.sg-insight.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/75074-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[KP Press](https://www.kp-press.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/75037-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[RFB News](https://www.rfbnews.com/index.php/en/2013-11-24-17-19-08/131-precious-metal-energy/precious-metals/market-update-gold/79989-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[BPF News](https://www.bpfnews.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/79833-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)