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UAE: Gold prices plunged nearly Dh2 per gram in early trade

Yellow metal moved sharply higher on Wednesday on the back of the US data

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by

Waheed Abbas

Published: Thu 13 Jun 2024, 9:42 AM

Gold prices plunged nearly Dh2 per gram at the opening of the markets in Dubai on Thursday, losing yesterday’s gains.

In the UAE, the 24K variant of the yellow metal was trading at Dh280.0 per gram at 9 am UAE time, down from Dh281.75 at the close of the markets on Wednesday.

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Among the other variants, 22K, 21K and 18K were trading at Dh259.25, Dh251.0 and Dh215.0 per gram, respectively. Globally, gold was trading at $2,311.46, down by 0.41 per cent.

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Naeem Aslam, chief investment officer at Zaye Capital, said gold price moved sharply higher on Wednesday on the back of the US data.

He added that gold traders feel confident about future US data readings and the direction for the gold price is more than likely to be upward.

Daniel Takieddine, CEO of Mena at BDSwiss, said gold may find safe-haven support due to escalating political uncertainty in Europe.

“This comes in the wake of French President Emmanuel Macron’s decision to call snap elections, which has heightened political uncertainty in France, the eurozone's second-largest economy.”

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Waheed Abbas

Published: Thu 13 Jun 2024, 9:42 AM

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