iPhone | iPad
Android
Huawei
Chinese lenders are still facing challenges such as narrow margins and low loan rates
KT APPDOWNLOAD
UAE: Gold prices ease in early trade in Dubai
If inflation figures show further deceleration, gold may continue to appreciate as expectations for a September rate cut could intensify, says expert
Photo: AFP file
Gold prices eased half a dirham per gram in UAE at the opening of the markets on Thursday after a Dh2 gain yesterday.
According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh288.5 per gram on Thursday morning compared to Dh289 per gram at the close of the markets on Wednesday.
The other variants, 22K, 21K and 18K, opened at Dh267.25, Dh258.5 and Dh221.75 per gram, respectively.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]
Globally, the yellow metal was trading at $2,381.92 per ounce, up 0.38 per cent.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Andreas Thalassinos, senior market analyst at Neotrades, said investors are awaiting upcoming inflation data from the US on Thursday, which could significantly impact market sentiment and introduce volatility to the precious metals market.
“Federal Reserve chair Jerome Powell recently noted improved but uncertain economic indicators from June, highlighting the need for more comprehensive data to refine inflation projections. Powell also expressed concerns about an economic slowdown and a cooling job market. These factors are driving speculation about a rate cut in September. If inflation figures show further deceleration, gold may continue to appreciate as expectations for a September rate cut could intensify,” said Thalassinos.
“On the demand side, central banks continue to support gold prices through their purchases. In June, India’s central bank bought over nine tons of gold, while Poland and the Czech Republic increased their reserves by four and two tons, respectively. These actions help mitigate the impact of China's central bank pausing its gold purchases for the second month in a row,” he said.
Furthermore, exchange-traded funds (ETFs) have seen positive cash inflows for two consecutive months, reinforcing gold’s appeal as a safe-haven asset in times of uncertainty.
ALSO READ:
More news from Business
Event aims to serve as a platform for fostering collaboration and knowledge-sharing
Sharjah Investment Forum 2024 contributes to the UAE’s ongoing momentum in developing a tech-driven economy
Both Dubai and Abu Dhabi rank highly in several categories
Transforming customer experience through innovation and insight – join in for groundbreaking strategies and trends shaping the future of CX on August 29
Reliance-Disney aims to create India's biggest entertainment player
Banking sector deals in India, especially those involving foreign entities, are rare