Gold Prices In Dubai Recover Half Of Yesterday's Losses In Early Trade

(MENAFN- Khaleej Times) [Editor's Note: Follow Khaleej Times live blog amid Israeli, US strikes on Iran for the latest regional developments.]

Gold prices recovered over Dh6 per gram on Friday morning after losing more than Dh12 in Thursday's sessions as the Middle East conflict spurred safe-haven demand.

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The 24K gold price was trading at Dh618.0 per gram when markets opened on Friday, up from Dh611.50 at the market close on Thursday.

The other variants of the precious metal also gained in line with the market trend, with 22K, 21K, 18K, and 14K trading higher at Dh572.25, Dh548.75, Dh470.25, and Dh367.0 per gram, respectively.

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Spot gold was trading at $5,119.96 per ounce, up nearly one per cent.

Silver was trading at $83.83 per ounce, up 2.44 per cent.

Vijay Valecha, chief investment officer at Century Financial, said recent movements in the metal suggest that the spike in WTI oil prices has stoked major concerns about a resurgence in inflation.

“High inflation and a stronger dollar are major headwinds for the metal as long as the war continues. Extreme risk-aversion sentiment among investors may also lead to a selloff in the metal amid heightened liquidity needs. Hence, gold is not behaving as a safe haven in these volatile times due to these factors. This is also evident in gold's high structural volatility in recent times, which challenges its status as a haven,” added Valecha.

ETFs were net sellers of gold, cutting 100,293 troy ounces from their holdings, bringing this year's net purchases to 1.82 million ounces.

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