Dubai: Gold Prices Dip In Early Trade But Remain On Higher Side
(MENAFN- Khaleej Times)
Gold prices dipped at the opening of the markets in Dubai on Thursday but stayed on the higher side.
At 9am, UAE time, 24K slipped to Dh322 per gram, down from Dh322.25 per gram at the close of the markets on Wednesday. It gained Dh1.75 per gram on Wednesday.
Among the variants of the yellow metal, 22K fell Dh0.25 to Dh298 per gram on Thursday morning after rising by Dh1.50 per gram in the previous session. Similarly, 21K and 18K opened lower at Dh288.50 and Dh247.25 per gram, respectively.
Globally, gold was trading at $2,659.96 per ounce, up 0.14 per cent.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here. ]
Tito Iakopa, commercial director at FlowCommunity, said investors and market participants were assessing potential changes in President-elect Donald Trump's tariff plans.
“Despite rumours of a more moderate trade policy approach, Trump firmly rejected these claims, contributing to the continued uncertainty surrounding US trade policies. Additionally, the 10-year note yield remained elevated, which could pose headwinds for gold's appreciation,” he said.
Iakopa added that gold remains supported by various factors, including geopolitical tensions and robust central bank demand.
“Trump's proposed tariffs and protectionist policies are likely to exacerbate inflationary pressures and disrupt global trade, further strengthening gold's position as a safe-haven asset. These factors collectively contribute to gold's strategic value amid ongoing economic uncertainty,” said the commercial director of FlowCommunity.
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