iPhone | iPad
Android
Huawei
The concession is worth $1.3 billion
KT APPDOWNLOAD
Dubai: Gold prices drop Dh2 after reaching all-time high on Tuesday
The yellow metal prices crossed $2,500 earlier, driven by a weaker dollar and bets on the interest rate cuts by the US Federal Reserve
Photo: AP File
Gold prices slipped Dh2 per gram at the opening of the markets in Dubai on Wednesday after hitting an all-time on Tuesday evening.
At 9am UAE time on Wednesday, the 24K variant of the yellow metal slipped to Dh304.5 per gram compared to last night’s close of Dh306.5 per gram, an all-time high. Among the other variants, 22K, 21K and 18K were trading at Dh282.0, Dh273.0 and Dh234.0 per gram, respectively.
Globally, spot gold was trading at $2,516.96 per ounce, up 0.15 per cent. The yellow metal prices crossed $2,500 earlier, driven by a weaker dollar and bets on the interest rate cuts by the US Federal Reserve.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Tito Iakopa, commercial director at FlowCommunity, said gold prices soared to an all-time high, fuelled by expectations of a Federal Reserve rate cut.
“Investors are closely watching for further direction from the Federal Reserve this week, particularly focusing on Fed Chair Jerome Powell's upcoming speech at Jackson Hole on Friday, as well as the release of the latest FOMC minutes on Wednesday. Markets are currently pricing in a significant easing of monetary policy, with expectations of a total of 100 basis points in rate cuts for this year. This anticipation has led to a continuous decline in the US dollar, which is nearing a 7-month low, and a drop in US Treasury yields, both of which further support gold prices,” said Iakopa.
“Additionally, the uncertainty surrounding regional geopolitical developments could maintain high demand for gold as a safe haven. The upcoming US elections are also likely to impact market sentiment, potentially increasing the allure of gold and other safe-haven assets during times of political uncertainty,” he said.
ALSO READ:
More news from Business
Disney and DirecTV reach new licensing agreement
YPO UAE hosts exclusive event with Feroc Luxury at Dubai Opera
The advanced air mobility devices are powered by electric motors, aligning with UAE's sustainability goals and reducing carbon footprint
Considerations are at an early stage and Blackstone may still decide against pursuing a deal, a report said
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
Companies had select sellers which hurt smaller players, reports find
The CBUAE explained that banks' capital and reserves do not include subordinated borrowings/deposits, but do include the current year's profits