Dubai: Gold Prices Rise To Above Dh400 Per Gram In Early Trade

2025-04-24 04:22:12

(MENAFN- Khaleej Times)

Gold prices traded above Dh400 per gram at the opening of the markets in Dubai on Thursday after plunging over Dh20 in the previous sessions.

The Dubai Jewellery Group data showed 24K trading at Dh400.5 per gram on Thursday morning while 22K, 21K and 18K were selling at Dh371, Dh355.75 and Dh305 per gram, respectively.

Globally, gold was trading at $3,327 per ounce, up 1.27 per cent. Yellow metal prices have retracted in the UAE and globally after reaching an all-time high on Tuesday, touching Dh420 per gram in Dubai and $3,500 per ounce globally.

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Gold gained nearly Dh20 per gram at the start of the week, but lost those gains later as US president Donald Trump said he would not ask Federal Reserve chair Jerome Powell to quit .

US multinational financial services firm JP Morgan predicted that yellow metal could cross $4,000 per ounce next year amidst global uncertainties, geopolitical tensions and the US-China tariff row

The American bank sees precious metal averaging $3,675 per ounce by the fourth quarter of this year and hit $4,000 in the second quarter of next year.

As reported by Khaleej Times earlier, analysts and gold jewellers in Dubai expect yellow metal to stay on the higher side due to tariff, geopolitical tensions, and central bank buying.

However, the demand for gold jewellery has taken a hit due to high prices and many residents are opting to sell to take advantage.

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