Dubai Gold Prices Rise Further 22K Moves Up To Dh467 Per Gram

(MENAFN- Khaleej Times) Gold prices in Dubai inched up further on Friday morning ahead of the US payroll data.

According to Dubai Jewellery Group data, the prices of 24K and 22K gold rose by Dh2.25 per gram to Dh504.25 and Dh467.0 per gram, respectively, at the market open on Friday.

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Similarly, prices of 21K, 18K and 14K gold also inched up to Dh447.75, Dh383.75 and Dh299.25 per gram, respectively.

Spot gold was trading at $4,188 an ounce, up 0.37 per cent, at 8:35am UAE time. Silver was up 0.73 per cent at $61.30 (Dh225) an ounce.

Simon-Peter Massabni, head of business development at XS, said gold entered a sensitive phase at the start of October after losing some of its bullish momentum and coming under clear pressure from a stronger US dollar and rising US Treasury yields.

“Gold price movements today cannot be assessed independently of the shift in expectations for US monetary policy, particularly as higher yields increase the opportunity cost of holding a non-yielding asset,” he said.

Massabni noted that the US dollar and Treasury yields are currently the main obstacles to gold returning to its broader bullish path.

“The rise in the 10-year US Treasury yield to levels not seen in more than two decades makes dollar-denominated assets relatively more attractive while increasing the cost of holding gold. Therefore, I believe any short-term attempt by gold to recover is likely to remain limited unless we see a clear decline in Treasury yields or a meaningful shift in the dollar's direction,” he added.

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