Ukraine crisis: UAE gold prices jump to over Dh5 per gram

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Gold prices have soared to more than AED5 per gram in the UAE on Thursday afternoon after Russia launched a full-scale military invasion on Ukraine…reports Asian Lite News

The Dubai Gold and Jewellery Group data showed 24K price soaring Dh5.5 to Dh235.75 per gram on Thursday afternoon, up from Dh230.25 from its Wednesday’s close, the Khaleej Times reported.

Among the other variants of the precious metals, 22K rose to trading at Dh221.5 per gram, 21K to Dh211.5 and 18K to Dh181.25.

Globally, spot gold jumped above $1,950 in the afternoon to trade at $1,955.85 at 2pm UAE, it was reported.

Meanwhile, Kiev has plunged into chaos after Russian forces launched a military offensive against Ukraine.

Terrified people have been queuing for hours to get fuel, food and medicine.

Many left Kiev to seek shelter in western Ukraine, building up kilometres-long traffic jams, Xinhua news agency reported.

Meanwhile, International Monetary Fund (IMF) Managing Director, Kristalina Georgieva has expressed deep concerns over the Ukraine crisis, noting that the multilateral lender is “assessing the implications”.

ALSO READ: NATO, US have no intention to deploy troops in Ukraine

“I am deeply concerned about what is happening in Ukraine and, first and foremost, impact on innocent people,” Georgieva said in a tweet on Thursday.

“This adds significant economic risk for the region and the world.”

“We are assessing the implications and stand ready to support our members as needed,” she added.

Gita Gopinath, First Deputy Managing Director of the IMF, said “we are very concerned about the human toll of this conflict and are assessing the potential impact on the global economy.”