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Gulf Press > Business > UAE: Gold prices keep increasing, increase by Dh4 per gram – News
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UAE: Gold prices keep increasing, increase by Dh4 per gram – News

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Last updated: 2024/05/16 at 7:44 AM
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Gold prices in the UAE witnessed a rise at the opening of the markets on Thursday, with an increase of Dh4 per gram in the past 24 hours. The 24K variant saw a jump of Dh0.75 per gram to Dh289.5, compared to Dh288.75 at the close of the markets the previous day. Other variants of gold were also trading higher in early trade, with 22K, 21K, and 18K trading at Dh268.25, Dh259.5, and Dh222.5 per gram, respectively. This upward trend in gold prices was further supported by spot gold trading at $2,391.93 per ounce at 9.10 am UAE time, as the US dollar and bond yields weakened on the increasing likelihood of rate cuts by the US Federal Reserve.

Federal Reserve Chair Jerome Powell’s statement on the decline of US inflation through 2024 and the unlikelihood of raising interest rates again has positively influenced market sentiment towards gold. Despite challenges such as high interest rates increasing the opportunity cost of investing in gold, the precious metal has found support in safe-haven demand, particularly amid growing geopolitical tensions in the Middle East. However, easing tensions between Iran and Israel has made gold vulnerable to pressures stemming from interest rate expectations. Market analysts have noted that gold prices have benefited from a weaker US dollar and subdued Treasury yields, contributing to the overall upward trajectory of gold prices in the UAE market.

Antonio Ernesto Di Giacomo, a market analyst at xs.com, highlighted the impact of high interest rates on gold investments and the support it has received from safe-haven demand. The geopolitical tensions in the Middle East have played a significant role in bolstering gold prices, with investors turning to the precious metal as a safe investment option. However, the easing of tensions, particularly between Iran and Israel, has exposed gold to pressures related to interest rate expectations. Despite these challenges, gold prices continue to benefit from a weaker US dollar and subdued Treasury yields, indicating a positive outlook for the precious metal in the near future.

Market analysts expect continued volatility in gold prices as factors such as interest rate expectations, geopolitical tensions, and currency movements influence the precious metal’s value. The recent increase in gold prices in the UAE market reflects the global trends in gold trading, with spot gold prices remaining steady at $2,391.93 per ounce. Investors are advised to stay updated on the latest news and developments in the gold market, as these factors can have a significant impact on gold prices in the coming days. With the UAE market experiencing an upward trend in gold prices, investors and traders should monitor key indicators and market developments to make informed decisions regarding gold investments.

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News Room May 16, 2024
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