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Dubai gold prices rise further; 22K now more than Dh295 per gram

Majority of analysts are bullish about the yellow metal's outlook for 2025 based on the drop in interest rates, geopolitical tensions, and political wrangling around tariffs

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KT Photo: File
by

Waheed Abbas

Published: Thu 2 Jan 2025, 9:30 AM

Gold prices rose in Dubai for a second consecutive day at the start of this year.

The Dubai Jewellery Group data showed 24K gold rising Dh1 to Dh319 per gram while 22K opened Dh0.75 higher at Dh295.25 per gram.

Among the other variants, 21K and 18K gold were selling at Dh285.75 and Dh245 per gram, respectively, at stores across the emirate.

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Globally, spot gold was trading at $2,633.97 per ounce, up 0.36 per cent at 9.05am, UAE time.

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

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The yellow metal was one of the top-performing assets last year, rising more than 27 per cent in its largest annual gain since 2010.

Traders and investors were awaiting more clues on the US Federal Reserve’s announcement about interest rate cuts and president-elect Donald Trump’s policies around tariffs on other countries.

Analysts expect the Fed to adopt a slower approach towards rate cuts this year.

Moreover, traders were also awaiting initial US jobless claims data and US jobs opening data for further direction.

The majority of analysts are bullish about the gold’s outlook for 2025 based on the drop in interest rates, geopolitical tensions around the world, and political wrangling around tariffs.

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Waheed Abbas

Published: Thu 2 Jan 2025, 9:30 AM

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