UAE: Gold Prices Remain Steady After Eid Al Adha Holidays

Gold prices were steady at the opening of the markets in Dubai on Monday after the Eid Al Adha holidays as prices continued to trade below Dh400 per gram.

The 24K was trading at Dh399 per gram on Monday morning, slightly up from last week's close. Among the other variants of the precious metal , 22K, 21K and 18K were trading at Dh369.5, Dh354.5 and Dh303.75 per gram, respectively.

The UAE announced a four-day holiday for public and private sectors on the occasion of Eid Al Adha from Thursday to Sunday.

Spot gold was steady at $3,309.97 per ounce, supported by hopes of a US-China tariff deal.

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The yellow metal fell over one per cent on Friday due to strong US jobs clouding the outlook for the US Federal Reserve's move to cut interest rates.

Joseph Dahrieh, managing principal at Tickmill, said gold could come under pressure as Fed members reiterated a cautious monetary policy stance.“Though markets continue to price in rate cuts later this year, the lack of urgency from policymakers could limit further upside for the bullion,” he said.

Linh Tran, a market analyst at xs, said the Russia-Ukraine conflict has entered a new phase.

“Ukraine recently launched a large-scale drone offensive against strategic Russian airbases under the operation named 'Operation Spiderweb'. With over 100 unmanned aerial vehicles launched from inside Russian territory targeting strategic bombers, the campaign inflicted significant damage and notably raised the risk of broader, uncontrolled escalation. Heightened geopolitical tensions between major powers have historically been a powerful driver of safe-haven demand, and gold is typically the first asset to benefit,” said Tran.

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