Gold is the ultimate investment in this moment : Umar Farooq Zahoor
With the recent decline in the price of gold last Tuesday in Dubai, people have started investing more and more on this yellow metal. Not like they weren’t doing anything different from now. With its consistent increasing rates, gold has never disappointed its investors. And since June 24 there has been a significant number of buying gold coins and bars in UAE. According to some reports it has been concluded that 24-carat gold is being retailed at 150 Dirham per gram. Last Saturday it was 157.25 Dirham per gram. Not just 24-carat, but the price of 22, 21 and 18 karat gold also dropped this Tuesday. 22 k at 144 Dirham whereas 18 and 21 k at DH 117.75 and DH 137.25.
The reason this fall had occurred is due to the strengthening of the US dollar through the stock market.
Umar Farooq Zahoor was born and raised in Norway and now is a successful business person living in posh Dubai. He owns the business of gold, mining, and real estate. Mr. Farooq on this sudden gold price fall says that it is being retailed in surprisingly fewer rates. He expects that this 14% of price fall will be stabilized sooner than anyone can imagine. He also says that until any change of price of gold economy won’t move which means lesser number of jobs. He declares that this event may cause long-term stability in the future.
Analysts have forecasted that gold prices may peak high again, in the near future.