In a related context, the UAE stock markets closed higher, supported by widespread gains, with the Dubai index recording gains for the third week in a row.
In this regard, the Dubai index rebounded after incurring losses in the previous session, closing up 0.6 percent, with all shares of companies listed on it rising.
The shares of the Emirates Central Cooling Systems Corporation (Empower) rose 2.7 percent, while the shares of Emaar Properties rose 0.9 percent and its unit Emaar Development rose 2.2 percent.
The Abu Dhabi index rose 0.7 percent after suffering losses in the previous session. Over the course of the week, the index rose 0.9 percent.
Q Holding Company shares rose 1.4 percent, tracking the shares of the International Holding Company that owns it, which rose 2.3 percent, which is the highest daily gain in about six months.
The shareholders of the International Holding Company approved a share buyback program worth up to five billion dirhams yesterday.
Gold prices in the Emirates
Gold prices stabilized in the UAE today, after global gold extended its losses for the second day in a row, as investors awaited important data, and despite the huge jump in global prices of the precious metal and its reaching a record level during the past months.
Gold prices in the UAE today
The price of a gram of 21 carat gold in the UAE
The price of a gram of 21 carat gold was about 253 dirhams.
The price of 24 karat gold in the UAE
The price of a gram of 24 karat gold was about 289.5 dirhams.
The price of 18 karat gold in the UAE
The price of a gram of 18 carat gold was about 216 dirhams.
The price of the gold pound in the Emirates
The price of the gold pound was about 2024 dirhams.
The price of a kilo of gold reached 289 thousand dirhams.
Gold price globally
The global price of an ounce reached $2,336.
Global gold prices witnessed a recovery during Thursday’s trading in an attempt to compensate for the losses that gold incurred during the previous sessions, which pushed it to record its lowest level in a week. This comes in light of gold maintaining its gains ahead of the main data issued by the US economy this week.
The main reason behind the decline in gold prices over the past two days is the rise in the levels of the US dollar, which yesterday recorded its highest levels in two months against a basket of major currencies. Which pushed gold to decline further in light of the inverse relationship between them.
The rise in the levels of the US dollar is supported by the significant decline witnessed by the Japanese yen, which reached its lowest levels since 1986 at above the level of 160.00 yen per dollar, thus supporting the levels of the US dollar.
