Dubai: Gold Prices Dip After Gaining Dh3.5 Per Gram

Gold prices dipped Thursday morning after jumping Dh3.5 per gram in the previous session.

At 9am UAE time on Thursday, 24K slipped to Dh354.75 per gram, down from Dh355.0 per gram at the close of the markets on Wednesday. It jumped Dh3.5 per gram yesterday.

Among the other variants, 22K, 21K and 18K were trading at Dh330.25, Dh316.5 and Dh271.25 per gram, respectively.

Globally, Gold was trading at $2,944.57 per gram, up 0.18 per cent at 9.08 am UAE time. It touched nearly $2,952 in early trade.

Rania Gule, senior market analyst for Mena at xs, said gold continues to benefit from the weakening US dollar.

“Gold continues to capitalise on the current market environment, where uncertainty surrounds US trade policy, exacerbating tensions between the US and its allies. After the tariffs recently imposed by the Trump administration on steel and aluminium imports, concerns about the impact of these policies on global economic growth have fueled demand for gold as a safe-haven asset,” she said.

Moreover, Gule elaborated that the increased likelihood of an economic recession in the US has heightened investor concerns, prompting a shift toward gold to preserve wealth amid a weakened US dollar.

The decline in US Treasury yields also provides additional support for gold, keeping the metal in a favourable position to benefit from these economic shifts.

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