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UAE: Gold prices fall in Dubai on the weekend

Prices marginally changed when compared to the start of the week

Published: Sat 29 Jun 2024, 9:23 AM

Updated: Sat 29 Jun 2024, 9:31 AM

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Gold prices fell half a dirham in Dubai at the opening of the markets on Saturday.

According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh281.75 compared to last night’s close of Dh282.25 per gram. Among the other variants of the yellow metal, 22K opened at Dh260.75, 21K at Dh252.5 and 18K at Dh216.5 per gram.

Prices marginally changed when compared to the start of the week.

Globally, gold closed nearly unchanged at $2,326.73 per ounce on Friday.

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George Pavel, general manager at Capex.com Middle East, said the Federal Reserve's stance on maintaining high interest rates for an extended period has kept US Treasury bond yields elevated and the US dollar strong which weighed on gold during the last few weeks.

“Despite the Fed's indication of only one rate cut in 2024, markets continue to see a start in cuts as early as September followed by another in December. If cuts materialise, gold could find more support. However, the uncertainty could continue to fuel some volatility,” he said.

Traders were also cautious due to the upcoming US presidential debate on Thursday and the release of the US Personal Consumption Expenditures (PCE) Price Index on Friday.

“Persistent geopolitical tensions and political uncertainties continue to support gold's status as a safe-haven asset. Upcoming elections in France, the UK, and the US are likely to fuel risk aversion, potentially benefiting gold prices,” added Pavel.

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