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Dubai: Gold prices rise slightly after losing Dh3 per gram on Tuesday

Spot gold was steady at $2,647.36 per ounce

Published: Wed 18 Dec 2024, 10:18 AM

Updated: Wed 18 Dec 2024, 10:28 AM

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Gold prices rose in early trade in Dubai on Wednesday after losing Dh3 per gram on Tuesday.

The Dubai Jewellery Group data showed 24K rising Dh0.75 per gram to Dh320.25 at the opening of the markets in Dubai on Wednesday. Among the other variants of the yellow metal, 22K, 21K and 18K were trading at Dh296.5, Dh287.0 and Dh246.0 per gram, respectively,

Spot gold was steady at $2,647.36 per ounce.

Ole Hansen, head of commodities strategy at Saxo Bank, said Gold and silver investors increasingly turn defensive ahead of year-end as they seek to protect and lock in gains following a very strong year.

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“This year has seen gold’s record-breaking rally deliver the best annual return since 2010, while silver has managed to keep up with gold, reaching a 12-year high during the October run-up to the US presidential elections,” he said.

According to Saxo Bank, both metals currently trade up more than 27 per cent on the year — a very impressive performance considering the headwind from a stronger dollar, which has climbed more than 6 per cent against a basket of major currencies.

“It is currently on track to record its best year in a decade. In addition, US bond yields have been rising despite the start of a rate-hiking cycle amid worries about fiscal instability as governments — particularly in the US — continue to spend money they do not have, leading to an increased debt burden,” added Hansen.

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