Gold prices jumped at the start of the week on Monday morning as the precious metal rose nearly $50 per ounce globally, while 24K rose by nearly Dh4 per gram in Dubai.

The Dubai Jewellery Group data showed 24K trading at Dh485.75 per gram at the opening of the markets on Monday, up from Dh482 per gram at the close of the last week, up Dh 3.75 per gram. Similarly, 22K, 21K, and 18K were trading higher at Dh449.75, Dh431.25, and Dh369.75 per gram, respectively.

Spot gold was trading at $4,053.32 per ounce, up 1.3 per cent at 9am UAE time, driven by growing bets on interest rate cuts by the US Federal Reserve and concerns about a global slowdown.

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“Attention remains on the Fed's next move. December rate-cut expectations are not guaranteed, given the lack of recent labour data during the government shutdown. The Fed maintains a cautious tone, as inflation remains sticky. Once the government reopens, the release of three NFP reports will be crucial in shaping expectations,” said Vijay Valecha, chief investment officer at Century Financial.

In addition, the ongoing case in the US Supreme Court around tariffs is also hogging the limelight.

“The Supreme Court began hearings on the validity of tariffs. While rulings typically take three to six months, this case may be expedited due to its political and economic implications. A revocation of tariffs will reignite concerns over fiscal deficits. This is because tariff collections currently offset part of the gap,” added Valecha.

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