Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki

The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...

14 october 2024

James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration

London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...

07 october 2024

Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products

Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...

30 september 2024

Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices

The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...

23 september 2024

Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets

Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.

16 september 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