Dubai: Gold Prices Slip In Early Trade 22K Down To Nearly Dh336

Gold prices continued to trend lower on Tuesday, as the 22K variant of the yellow metal slipped to nearly Dh336 per gram.

At 9am, 24K was trading at Dh363.25 per gram, while 22K opened at Dh336.25. Similarly, 21K and 18K were trading at Dh322.5 and Dh276.5 per gram, respectively.

Spot gold was trading at $3,018.11 per ounce, up 0.3 per cent in early trade.

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Inki Cho, financial markets strategist consultant to Exness, said potential developments around a cease-fire agreement in Eastern Europe could weigh on gold.

“However, an increase in tensions in the Middle East could counterbalance the impact and help support gold prices and a return to the upside. Additionally, trade policy uncertainty remains a key driver for gold, as tariffs have raised concerns over US economic stability,” he said.

Alex Kuptsikevich, chief market analyst at the FxPro, said gold has been in an uptrend since the beginning of March, and the rally accelerated as gold hit new highs at the end of last week when the spot price hit a new record of $3,057.

“We see this breakout as the start of a new expansionary momentum with an upside potential of $3,180 per ounce, which represents 161.8 per cent of the upside momentum from the start of the year to the February peak. The alternative view is also bullish. According to it, gold has completed a correction since the beginning of the year, following the rally from October 2023 to November 2024,” said Kuptsikevich.

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