The increasing armed conflict between Israeli troops and the Palestinian terrorist group Hamas caused an almost 1.25 dirham per gram spike in gold prices in the United Arab Emirates (UAE) on wednesday afternoon, october 11. Investors sought solace in gold, which is frequently seen as a reliable store of wealth in uncertain political and economic times.

According to statistics from the dubai Jewellery Group, the price of 24-carat gold traded at 226.50 dirhams per gram on wednesday afternoon, down from 225.25 dirhams at the market opening. At 1:30 pm uae time, the price per gram for diamonds weighing 22, 21, and 18 carats was 209.75 dirhams, 203.00 dirhams, and 174 dirhams, respectively.

Israel-Palestine war
Prime minister Benjamin Netanyahu issued a warning of "a long and difficult war" on Saturday, october 7, after Hamas penetrated southern Israel, deploying fighters, launching 5,000 rockets, and kidnapping hostages, including women, children, and the elderly. According to Gaza's Ministry of Health, Israeli attacks have resulted in at least 1,055 Palestinian deaths, including 260 children and 230 women, and 5,184 civilian injuries. Over 2,900 people were injured and 1,200 individuals, including 170 Israeli soldiers, lost their lives as a result of the Hamas attacks in Israel.
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SIBY JEYYA

12/10/2023 08:03 AM