Dubai: Gold Prices Rise Further, 22K Trades Above Dh302 Per Gram

Among the other variants of the precious metal, 21K and 18K were trading higher at Dh292.75 and Dh251 per gram, respectively.

Globally, gold was shy of $2,700, trading at $2,696.91 per ounce, up slightly in early trade. The yellow metal is now more than one month high as softer US core inflation data lifted expectations of interest rate cuts by the US Federal Reserve.

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However, some analysts said that the ceasefire deal between Israel and Hamas capped gains on Thursday.

Hani Abuagla, senior market analyst at XTB Mena, said the yellow metal was primarily influenced by the dollar and Treasury yields.

He said President-elect Donald Trump's proposed policies, particularly his pledge to impose steep tariffs on imports, could heighten inflation risks, adding complexity to the Federal Reserve's decision-making.

“While near-term pressures weigh on gold prices, the broader outlook could remain favourable. Gold could continue to benefit from sustained geopolitical uncertainties and steady central bank demand,” he said.