(MENAFN- Khaleej Times)
Published: Tue 16 Jul 2024, 5:04 PM
Last updated: Tue 16 Jul 2024, 5:15 PM
Gold prices jumped further in UAE on Tuesday afternoon in line with the rise in global rates, surpassing Dh295 per gram.
The 24K variant of the yellow metal jumped to Dh295.5 per gram on Tuesday afternoon, rising by Dh2.75 per gram during the first half of the day.
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Among the other variants, 22K, 21K and 18K rose to Dh273.75, Dh265.0 and Dh227.0 per gram, respectively.
Globally, spot gold was trading at $2,433.74 an ounce, up 0.46 per cent. It reached $2,443 an ounce earlier in the day.
Marc Pussard, head of risk at APM Capital, said gold prices gained were aided by hopes for interest rate cuts from the Federal Reserve as traders await more comments from Fed officials to gauge the timing of those cuts.
Wael Makarem, financial markets strategist lead at Exness, said the US inflation suggested the Federal Reserve might ease monetary policy, prompting a rally in gold.
“The soft June consumer price index and the broader trend of disinflation have led market participants to fully anticipate a US interest rate cut in September, which could help strengthen gold,” he said, adding that attention is not focused on the upcoming release of US retail sales data on Tuesday.
Furthermore, US political uncertainty, amplified by the assassination attempt on former President Donald Trump, has increased market concerns and may further support demand for the precious metal. Additionally, economic concerns in China, marked by slower-than-expected growth in the second quarter, could also support a positive near-term outlook for gold.
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