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Gulf Press > Business > UAE: Dubai’s Gold Prices Rebound in Early Trading After Dropping by Dh2.5 per Gram – News
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UAE: Dubai’s Gold Prices Rebound in Early Trading After Dropping by Dh2.5 per Gram – News

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Last updated: 2024/06/27 at 6:34 AM
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Gold prices in Dubai saw a slight increase of Dh0.75 per gram at the opening of markets in the UAE, rebounding from a loss of Dh2.5 per gram on Wednesday that led to a two-week low. The 24K variant of gold was trading at Dh278.75 per gram on Thursday morning, up from Dh278.0 at the previous close. Other variants such as 22K, 21K, and 18K were also trading higher at Dh258.0, Dh249.75, and Dh214.0 per gram, respectively.

Globally, gold prices remained steady at $2,299 per ounce, near a two-week low, influenced by a stronger US dollar and higher bond yields. The market’s attention is now focused on upcoming inflation data expected on Friday, which could impact the Federal Reserve’s decisions on interest rates. The Personal Consumption Expenditures (PCE) data release on Friday, along with speeches from Federal Reserve governors, will play a crucial role in shaping traders’ expectations. Despite a slight increase in US business activity last week posing challenges for gold, the market anticipates the possibility of two interest rate cuts this year, potentially supporting the asset.

Andreas Thalassinos, a senior market analyst at Neotrades, highlighted the importance of the upcoming inflation data and its impact on the market. Thalassinos mentioned that while the recent data showed a minimal rise in US business activity, there are expectations of potential interest rate cuts this year, which might support gold prices. Marc Pussard, head of risk at APM Capital, noted that gold prices fell as the US dollar strengthened, backed by a slight increase in US Treasury bond yields.

Staying updated with the latest news and market trends is crucial for investors. Following KT on WhatsApp Channels can provide real-time updates and insights into the gold market, helping investors make informed decisions. With gold prices fluctuating due to various factors like a stronger US dollar and inflation data, investors need to keep a close eye on market developments to navigate the volatile landscape.

In conclusion, gold prices in Dubai have shown a slight increase after a recent dip, influenced by global market trends and economic indicators. With the upcoming inflation data and Federal Reserve announcements shaping market expectations, investors should stay informed to make strategic decisions. Despite challenges posed by a stronger US dollar and higher bond yields, there is still potential for gold prices to be supported by interest rate cuts. Keeping abreast of market news and valuable insights can help investors navigate uncertainties and capitalize on opportunities in the gold market.

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News Room June 27, 2024
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