Dubai: Gold Prices Open Higher, Trade Close To All-Time High

Gold prices opened higher at the opening of the markets in Dubai on Monday as the precious metal again inched closer to an all-time high of $3,700 per ounce.

At 9 am UAE time, the 24K and 22K variants of the yellow metal rose by Dh0.75 to Dh444.75 and Dh412.0 per gram, respectively. Similarly, 21K and 18K opened higher at Dh394.75 and Dh338.5 per gram, respectively.

The high gold prices have impacted gold jewellery sales in Dubai and the UAE as some retailers have reported up to a 40 per cent drop in sales and footfall.

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Spot gold was trading at $3,697.16 per ounce, up 0.31 per cent, as markets were awaiting the US Federal Reserve's policy signals.

The market is looking for direction now after the US Fed's rate cut by 0.25 basis points last week to maintain its momentum. The yellow metal reached a record high as it crossed $3,700 earlier this week, driven by the Fed's interest rate cut, central bank buying, and geopolitical tensions around the world.

Linh Tran, market analyst at xs, said in the global context, geopolitics continues to play a critical role.“Tensions in the Middle East and the protracted conflict in Ukraine have driven safe-haven flows into gold rather than crypto. This can somewhat limit capital inflows into Bitcoin. However, the narrative of Bitcoin as 'digital gold' is gradually being reinforced, as major financial institutions increasingly view BTC as a substitute asset in diversified portfolios,” said Tran.

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