Dubai: Gold Prices Drop After Gaining Over Dh2 Per Gram In Previous Session
Date
1/17/2025 4:34:41 AM
(MENAFN- Khaleej Times)
Gold prices slipped in Dubai on Friday after gaining over Dh2 per gram on Thursday as global prices rose to over a one-month high.
The Dubai Jewellery Group data showed 24K and 22K trading Dh0.25 lower at Dh328.75 and Dh304.25 per gram, respectively. Meanwhile, 21K and 18K opened at Dh294.5 and Dh252.5 per gram, respectively.
The yellow metal has gained nearly Dh3 per gram this week so far.
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Globally, gold was trading at $2,712.81 per ounce, down 0.24 per cent.
Vijay Valecha, chief investment officer, Century Financial, said gold prices were tracking a drop in the dollar and Treasury yields as mildly softer consumer inflation data spurred bets on lower interest rates this year.
He noted that a ceasefire agreement between Israel and Hamas tempered further gains.
“Besides, anticipation of more US economic cues also limited losses in the dollar, as did uncertainty ahead of President-elect Donald Trump's nomination on Monday,” he said.
Hani Abuagla, senior market analyst at XTB Mena, said the broader outlook remains favourable for the precious metal as it will benefit from sustained geopolitical uncertainties.
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