Dubai: Gold Prices Rise In Early Trade On First Day Of The Week

[Editor's Note: Find out the latest gold prices here.]

The Dubai Jewellery Group data showed the 24K price rising by Dh1.25 per gram to Dh507.0 per gram on Monday morning.

Among the other variants of the precious metal, 22K, 21K, 18K, and 14K were selling at Dh469.50, Dh450.25, Dh386.00, and Dh301.00 per gram, respectively.

Globally, spot gold was trading at $4,209 per ounce, up 0.27 per cent at 9.15 am UAE time, due to the softening of the US dollar and traders bracing for the US Federal Reserve's decision to cut interest rates.

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Vijay Valecha, chief investment officer, Century Financial, said the primary attention this week will be on the US Federal Reserve meeting (December 9-10), which is expected to witness an 87 per cent chance of a 25 bps rate cut, as indicated by market expectations.

“As the UAE dirham is pegged to the US dollar, any rate cut by the Federal Reserve is expected to translate into an identical cut by the UAE Central Bank, which will soften borrowing costs and could positively influence the valuation of equities, notably in real estate and banking,” he said.

Antonio Di Giacomo, senior market analyst at XS, said there are expectations that the Federal Reserve will begin a new cycle of rate cuts have strengthened.

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