Dubai: Gold Prices Drop Further, Lose Dh2 Per Gram
Date
1/28/2025 4:32:11 AM
(MENAFN- Khaleej Times)
Gold prices plunged Dh2 per gram at the opening of the markets in Dubai on Tuesday, losing Dh3.5 per gram this week so far.
At 9am UAE time, the 24K variant of the yellow fell to Dh332.0 per gram, down from Dh334.0 at the close of the markets on Monday. Among the other variants, 22K, 21K and 18K opened lower at Dh307.5, Dh297.75 and Dh255.25 per gram, respectively.
Globally, Gold was trading at $2,744.13 per ounce in early trade. The yellow metal fell from near-record highs seen on Friday as investors liquidated their bullion positions ahead of the US Federal Reserve's decision around interest rate cuts.
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In addition, the US dollar and President Donald Trump's policy around tariffs have also been influencing the precious metal.
Joseph Dahrieh, managing principal at Tickmill, said the US dollar regained stability amid renewed trade risks. Trump's brief proposal for a 25 per cent tariff on Colombian goods in response to Colombia's refusal to accept deported migrants raised some doubts among traders.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here. ]
“This escalation initially drove demand for safe-haven assets, including the dollar. However, the situation eased as Colombia agreed to US conditions. While the dollar saw a brief rebound, this support may be limited as tensions stabilise. Attention is now shifting to central bank decisions, including those from the Federal Reserve, Bank of Canada, and European Central Bank, which are expected to have an impact on market sentiment,” he said.
Dahrieh noted that key economic data, such as GDP and inflation, will also be closely monitored.
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