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Dubai: Gold prices slip from all-time high in early trade

Precious metal has risen nearly 30% so far this year, due to strong demand sparked by geopolitical tensions

Published: Thu 26 Sep 2024, 9:28 AM

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Gold prices fell from all time at the opening of the markets on Thursday, losing half a dirham per gram.

According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh322.25 per gram at 9 am UAE time, down from Dh322.75 at the close of the markets on Wednesday. Among the other variants, 22K opened at Dh298.25, 21K at Dh288.75 and 18K at Dh247.5 per gram.

Spot gold was trading at $2,660.2 per ounce, up 0.12 per cent at 9.05 am UAE time.

Gold has risen nearly 30 per cent so far this year, supported by strong demand that was sparked by geopolitical tensions, central bank purchases, and higher rate-cut expectations.

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Vijay Valecha, chief investment officer, Century Financial, said gold prices surged after the US consumer confidence data fell unexpectedly in September to 98.7, marking the biggest drop since August 2021.

“The decline is attributable to concerns about the labour market. The percentage of consumers reporting a robust job market decreased for the seventh consecutive month to 30.9 per cent, reaching its lowest point since March 2021. This sustained decline marks the longest such streak since the 2008 financial crisis. Conversely, the proportion of consumers indicating difficulty in finding employment increased to its highest level since early 2021. In response to the data, swap traders increased bets for more than three-quarters of a point of rate cuts by the year-end,” he said.

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