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Dubai: Gold prices open higher in early trade

Globally, spot gold stood at $2,616.45 per ounce as markets were closed in most of the countries around the world due to the Christmas holiday

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by

Waheed Abbas

Published: Wed 25 Dec 2024, 9:46 AM

Gold prices opened higher again at the opening of the markets in Dubai on Wednesday.

The 24K variant of the yellow metal rose half a dirham per gram to Dh317, up from Dh316.5 per gram at the close of the markets on Wednesday.

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Among the other variants, 22K, 21K and 18K were selling higher at Dh293.5, Dh284 and Dh243.5 per gram, respectively.

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Globally, spot gold stood at $2,616.45 per ounce as markets were closed in most of the countries around the world due to the Christmas holiday.

[Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.]

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Gold posted notable moves last week following the US Federal Reserve’s decision of a 25-basis-point rate cut, coupled with a more cautious stance going forward, hinting at only two additional cuts in 2025 amid renewed inflation fears. This decision prompted the yellow metal to test the resistance range near the $2,600 level before finding support and rebounding toward $2,620.

“These developments come against a backdrop of market concerns over the pace of inflation, and expansionary fiscal policy outlook – factors that have lent gold solid support. The precious metal is expected to remain within a comfortable sideways channel between $2,620 and $2,660 during the holiday period, aided by seasonally lower trading volumes,” said Ahmad Assiri, research strategist at Pepperstone.

“The aforementioned levels will be crucial for short-term price action. Gold could see further upside if inflationary worries intensify later on, or if the Fed signals a further shift in its rate path,” added Assiri.

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Waheed Abbas

Published: Wed 25 Dec 2024, 9:46 AM

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