Dubai: Gold Prices Drop, But 22-Karat Still Stays Above D300 Per Gram
Date
1/13/2025 2:32:57 AM
(MENAFN- Khaleej Times)
Gold prices slipped Dh0.75 per gram at the opening of the markets on Monday.
At 9am UAE time, 24-karat fell to Dh325.25 per gram while 22-karat dropped to Dh301.0 per gram. Among the other variants, 21-karat and 18-karat fell to Dh291.5 and Dh249.75 per gram, respectively.
Spot gold was trading at $2,685.18 per ounce, down 0.15 per cent.
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Chris Weston, head of research at Pepperstone, said that having closed higher for four consecutive sessions and with price pushing above downtrend resistance from the all-time high of $2,790, the buyers are, for now, in control, even if the move higher is more of a slow-motion grind towards $2,700.
“In a backdrop of consistently rising long-end bond yields and concerns that certain advanced economies may be headed towards a more pronounced stagflation environment, and with the real possibility that we move into a tit-for-tat tariff standoff, gold becomes a defined portfolio hedge against that dynamic. And, while we all know how the saga ends, we move ever closer towards stalemate on the US debt ceiling, where once again the prospect that Congress takes an agreement to raise the debt limit right to the wire seems almost assured,” said Weston.
“For market participants who want to sleep well at night amid the increasing noise, gold offers portfolio protection here, and why the risk of a push into $2,700 seems like the right play,” he added.
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