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Gulf Press > Business > Gold prices rise slightly in early trading in Dubai – News
Business

Gold prices rise slightly in early trading in Dubai – News

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Last updated: 2024/05/09 at 8:51 AM
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Gold prices in the UAE rose slightly at the opening of the markets on Thursday. According to data from the Dubai Jewellery Group, the 24K variant of gold was trading at Dh280.25 per gram, up from Dh279.75 per gram at the close of markets on Wednesday. Other variants such as 22K, 21K, and 18K were also trading at Dh259.5, Dh251.25, and Dh215.25 per gram, respectively. Additionally, spot gold was trading at $2,318.35 per ounce, representing a 0.4% increase.

The increase in gold prices comes after the US Federal Reserve hinted that interest rates could remain high for a longer period. The Fed opted to keep rates unchanged on May 1, 2024, but signaled its intention to cut them in the future. However, concerns about recent disappointing inflation data could delay these cuts. Investors often turn to assets like gold during periods of economic and market uncertainty, seeking a safe haven for their investments.

Market analysts like Antonio Ernesto Di Giacomo point out that gold is currently facing uncertainties due to various factors, including the Fed’s monetary policy decisions, US economic data, and the strength of the dollar. The short-term trajectory of gold prices will depend on how these factors unfold in the coming days and weeks. Additionally, the relative strength of the US dollar can put pressure on gold, making it more expensive for foreign investors and reducing its appeal as a safe haven asset.

Vijay Valecha, chief investment officer at Century Financial, highlights that gold is currently trading near the psychological level of $2,300 within a descending channel established since April 22. Geopolitical developments, other external events, and the monetary policy of major countries can also influence the price of gold. Any changes in these factors may impact investors’ perception of risk and subsequently affect the demand for gold in the market.

In conclusion, the fluctuation in gold prices in the UAE reflects the broader economic and geopolitical uncertainties faced by investors globally. While gold remains a popular choice for investors seeking refuge during uncertain times, factors such as the Fed’s monetary policy decisions, US economic data, and the strength of the dollar continue to play a significant role in determining the direction of gold prices. As investors navigate through these uncertainties, staying informed about the latest developments in the market is crucial to making informed investment decisions.

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News Room May 9, 2024
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