Dubai: Gold Prices Up In Early Trade 22K Hits Dh300 Per Gram
Date
1/15/2025 5:56:15 AM
(MENAFN- Khaleej Times)
Gold prices rose at the opening of the markets in Dubai on Wednesday with 22K reaching Dh300 per gram.
The Dubai Jewellery Group data showed 24K rising to Dh324 per gram on Wednesday morning compared to last night's close of Dh322.50.
Among the other variants, 22K rose Dh0.5 per gram to Dh300 while 21K and 18K opened higher at Dh290.50 and Dh249 per gram, respectively.
Globally, spot gold was trading at $2,675.73 per ounce, up 0.26 per cent.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here .]
Rania Gule, senior market analyst at XS, said that at the beginning of the week, gold showed a clear downward movement near the $2,671 level. However, it remains unable to sustain a clear continuation in this direction.
“This negative performance reflects the impact of several intertwined factors, most notably the hawkish expectations for the US Federal Reserve's monetary policy. At the same time, the rise in US Treasury yields and the strengthening of the US dollar to record levels are placing additional pressure on gold prices. These dynamics put gold under the weight of market preferences for yield-generating assets amid the rising opportunity cost,” she said.
On the other hand, Gule added that the escalating geopolitical tensions, whether in Ukraine or the Middle East, cannot be overlooked, reinforcing gold's role as a haven.
“These tensions are limiting potential losses by maintaining stable demand for gold as a hedge during times of crisis. Therefore, these geopolitical factors serve as a key support for gold prices. However, they are not sufficient to counterbalance the pressure from hawkish monetary policies, at least for now,” she added.
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