DiaMondaine Diamantaires Club mulls diamond safari tours in southern Africa

DiaMondaine Diamantaires Club (DDC) is set to organise diamond safari tours in southern Africa, home to major diamond-producing countries. DDC founder Agnes Abdulahu told Rough&Polished’s Mathew Nyaungwa that the launch of the first diamond safari...

15 july 2024

Vladislav Zhdanov: Questions of efficiency and investment potential of diamond mining versus diamond growing pique keen interest

Vladislav Zhdanov is Professor at the National Research University Higher School of Economics (HSE). He told Rough&Polished about new researches into the effectiveness of diamond production methods.

02 july 2024

Why it's expensive to cut and polish diamonds in Africa? ADMA president António Oliveira has the answer

The African Diamond Manufacturers Association (ADMA) president António Oliveira told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that the lack of a robust infrastructure in Africa fails to accelerate and encourage manufacturing...

24 june 2024

Edahn Golan: IPO feasible but not Anglo’s preferred way to sell De Beers

Edahn Golan, owner of the eponymous Edahn Golan Diamond Research and Data, told Rough&Polished's Mathew Nyaungwa in an exclusive interview that while an IPO of De Beers is “feasible,"  he does not think this is a route Anglo American...

17 june 2024

GemsCouture- avant-garde by Victor Moiseikin

Jewelry items and precious souvenirs of the MOISEIKIN jewelry brand are in the museums and private collections of world celebrities, representatives of the political and cultural elite - from Xi Jinping to the British Windsors, from Angela Merkel to...

05 june 2024

Gold prices hit a new high after 9% jump in March

03 april 2024

Gold prices hit a new high in Dubai trading on Wednesday, jumping more than 1% to reach a record high of $2,288 an ounce.

In the UAE, the 24-carat gold price rose to 276.5 dirhams per gram ($75.29) from 274.5 dirhams ($74.74) per gram at market close on Tuesday, adding 2 dirhams per gram (54 cents). Prices for 22 carat, 21 carat and 18 carat gold rose similarly, trading at AED 256.0 ($69.71), AED 247.75 ($67.46) and AED 212.5 ($57.86) per gram respectively.

Globally, the spot gold price rose 0.07% to $2,281.8 per ounce. Earlier that day, it jumped more than 1% to hit a record high of $2,288 an ounce. According to experts, the price of the precious metal is growing due to concerns of rising inflation.

In March, gold prices rose by an average of 9%.

Analysts predict that gold prices may be prone to a short-term correction as traders try to consolidate their profits after the March surge, but in the long term they will continue to rise. Recently, gold prices have been largely driven by expectations of the US Federal Reserve's decision to cut interest rates.

“Strong price increases are often followed by corrections, which can push prices lower for a period of time before bouncing back if conditions remain favourable,” said George Pavel, general manager at Capex.com Middle East. At the same time, he said, traders may continue to react to new economic data and comments from central banks as they revise their monetary policy expectations, which could fuel some risks and volatility in gold prices. Currently, traders may view the market as overbought, he added.

Helene Tarin for Rough&Polished