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UAE: Gold prices continue upward trend as global rates surpass $2,100

The yellow metal surged by about $50 over last week, driven by tepid US manufacturing and construction spending

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Photo: Reuters
by

Waheed Abbas

Published: Tue 5 Mar 2024, 9:51 AM

Last updated: Tue 5 Mar 2024, 9:52 AM

Gold prices continued their upward trend at the opening of the markets in Dubai on Tuesday as the global spot rate surpassed $2,100 an ounce late on Monday.

The Dubai Jewellery Group data showed 24K trading at Dh256.25 per gram while 22K, 21K and 18K opened at Dh237.25, Dh229.5 and Dh196.75 per gram, respectively.

Spot gold was up 0.06 per cent at $2,116.1 per ounce as of 9.15 am UAE time, reaching nearly a month high.

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Gold surged by about $50 over last week, driven by tepid US manufacturing and construction spending and a reduction in price pressures.

The precious metal could easily push above the record highs, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

"(Fed Chair Jerome) Powell speaks two times this week, and he could come out and be a bit more dovish... we could see a miss on the (US) jobs data on Friday," all factors that will help gold, Streible added.

Markets are currently pricing at a 71 percent chance of a Fed rate cut in June, according to the CME Fed Watch Tool.

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Waheed Abbas

Published: Tue 5 Mar 2024, 9:51 AM

Last updated: Tue 5 Mar 2024, 9:52 AM

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