The logistics major has invested more than $11 billion in port infrastructure
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Gold prices continued to rise in Dubai, with 22K crossing Dh300 per gram again on Friday.
The 24K variant rose Dh1 per gram to Dh324.5, while 22K rose to Dh300.5 per gram, up Dh0.75, based on the Dubai Jewellery Group's data.
Among the other variants, prices of 21K and 18K increased to Dh290.75 and Dh249.25 per gram, respectively.
Globally, spot gold was trading at $2,679.64 per ounce, up 0.31 per cent in the afternoon.
George Pavel, general manager at Naga.com Middle East, said gold continued its positive momentum, marking its third consecutive session of gains, driven by safe-haven demand.
“Markets are carefully analysing the potential economic and inflationary impacts of the US President-elect Donald Trump's proposed policies as he prepares to take office on January 20. Of particular concern are Trump's proposed tariffs, which could potentially trigger trade tensions and increased inflation. The heightened uncertainty could push gold prices to the upside,” he said.
However, the recent Federal Open Market Committee (FOMC) minutes revealed that policymakers remain watchful of persistent price pressures, particularly in light of Trump's anticipated policies. “In this regard, a more hawkish monetary policy could weigh on gold,” added Pavel.
Meanwhile, central bank purchases remain a positive force for the market, with robust demand, as seen with the Chinese central bank this week, indicating a broader interest in gold as a strategic asset.
“Market participants are now turning their attention to the upcoming US nonfarm payrolls report, which could provide crucial insights into the Federal Reserve's future interest rate decisions and potentially introduce additional volatility to gold prices. At the same time, a strong dollar and higher treasury yields could cap gains,” said Pavel.
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