(MENAFN- Khaleej Times)

Gold recovered some of the losses at the market's opening on Wednesday, with 22K trading above Dh450 per gram.

The Dubai Jewellery Group data showed 24K trading at Dh491 per gram on Wednesday, up from Dh489.75 per gram the previous day. Among the other variants, 22K, 21K, and 18K were selling at Dh454.25, Dh436, and Dh373.75 per gram, respectively.

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Meanwhile, spot gold saw a modest increase as it traded at $4,077.38 per ounce, up 0.28 per cent.

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Dat Tong, senior financial markets strategist at Exness, explained that gold could remain under pressure, noting that expectations for a December Federal Reserve interest rate cut have declined and trade tensions have eased, which reduces safe-haven demand.

“Following cautious remarks from several Fed officials, markets now price just a 43 per cent probability of a 25-basis-point interest rate reduction in December, down from 62 per cent a week earlier, weighing on the precious metal."

“At the same time, investors turn their attention to a series of US economic releases due this week, with Thursday's delayed September non-farm payrolls report set to provide key guidance on the labour market and the Fed's policy outlook. The data could fuel market volatility and affect gold's direction,” added Tong.

On the political front, US President Donald Trump signed an executive order excluding a range of food products from recent tariff hikes, in a move aimed at easing cost-of-living pressures and cooling inflation concerns.

“The softer trade stance temporarily lifted market sentiment, adding some pressure on gold. Nevertheless, persistent geopolitical risks could lend underlying support. In Eastern Europe and the Middle East, tensions continue to rise, supporting the demand for safe-haven assets,” Tong concluded.

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