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Wed, Oct 16, 2024 | Rabi al-Thani 13, 1446 | DXB
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Dubai: Gold prices jump over Dh2 per gram in early trade
Spot gold was trading at $2,666.77 per ounce, up 0.23 per cent at 9.10am UAE time
KT Photo: Shihab
Gold prices jumped more than Dh2 per gram in early trade in Dubai on Wednesday as global prices maintained their upward trend.
The Dubai Jewellery Group data showed 24K variant of the yellow metal was trading at Dh323 per gram at the opening of the markets on Wednesday as against last night’s close of Dh320.75 per gram, up Dh2.25.
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Among the other variants, 22K, 21K and 18K rose to Dh299, Dh289.5 and Dh248 per gram, respectively.
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Spot gold was trading at $2,666.77 per ounce, up 0.23 per cent at 9.10am UAE time.
Tito Iakopa, commercial director at FlowCommunity, said gold futures were trading near historic highs as the market anticipates new factors that could affect the asset’s direction.
“Key data releases, including retail sales reports and unemployment claims as well as speeches from several US Federal Reserve officials, are expected to offer valuable insights into upcoming monetary policy decisions. Any significant shifts in the Fed’s rate adjustment strategy, going forward, could greatly influence market sentiment and impact gold prices,” said Iakopa.
“The recent rebound of the dollar and Treasury yields could also constrain gold’s upside potential. However, ongoing easing cycles from major central banks continue to support a positive outlook for gold. The precious metal also benefits from increasing demand as a safe haven amid geopolitical tensions. Recent escalations between China and Taiwan, coupled with ongoing risks in the Middle East could exacerbate risk aversion and drive investors toward safe haven assets,” he said.
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Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.
waheedabbas@khaleejtimes.com 
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