Dubai: The official gold rate in Dubai has touched Dh200 a gram for the first time in nine years. Anyone buying gold now – few are – will also have to fork out an additional 5 per cent on that.

“Gold’s turning super-hot – for consumers and retailers,” said a trader. “At these levels, it’s only a sellers’ market. Anyone who has gold and needs instant cash will be selling.

“There’s no shopper out there willing to buy.”

This comes after gold prices shot up to $1,760 an ounce levels in early Monday trade on the global metals market.

A good time to sell
If gold maintains this trajectory and pushes closer to $1,780-$1,790 levels in the next few days, it could set off another round of selling activity by UAE residents. Earlier this month, many had sold their gold for cash, especially those expat Indians who wanted funds to fly back to the home country on repatriation flights.

SOURCE : GULFNEWS