UAE: Gold Prices Ease In Early Trade In Dubai

(MENAFN- Khaleej Times) Gold prices eased half a dirham per gram in UAE at the opening of the markets on Thursday after a Dh2 gain yesterday.

According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh288.5 per gram on Thursday morning compared to Dh289 per gram at the close of the markets on Wednesday.

The other variants, 22K, 21K and 18K, opened at Dh267.25, Dh258.5 and Dh221.75 per gram, respectively.

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Globally, the yellow metal was trading at $2,381.92 per ounce, up 0.38 per cent.

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Andreas Thalassinos, senior market analyst at Neotrades, said investors are awaiting upcoming inflation data from the US on Thursday, which could significantly impact market sentiment and introduce volatility to the precious metals market.

“Federal Reserve chair Jerome Powell recently noted improved but uncertain economic indicators from June, highlighting the need for more comprehensive data to refine inflation projections. Powell also expressed concerns about an economic slowdown and a cooling job market. These factors are driving speculation about a rate cut in September. If inflation figures show further deceleration, gold may continue to appreciate as expectations for a September rate cut could intensify,” said Thalassinos.

“On the demand side, central banks continue to support gold prices through their purchases. In June, India's central bank bought over nine tons of gold, while Poland and the Czech Republic increased their reserves by four and two tons, respectively. These actions help mitigate the impact of China's central bank pausing its gold purchases for the second month in a row,” he said.

Furthermore, exchange-traded funds (ETFs) have seen positive cash inflows for two consecutive months, reinforcing gold's appeal as a safe-haven asset in times of uncertainty.


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Khaleej Times

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