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UAE: Gold prices rise Dh1 per gram after dropping by more than Dh7

Yellow metal rates hit their lowest in two weeks on Thursday as market participants remain cautious ahead of key US economic data

Published: Fri 26 Jul 2024, 10:27 AM

Updated: Fri 26 Jul 2024, 10:28 AM

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Gold prices rose Dh1 per gram in Dubai on Friday early morning, after losing more than Dh7 per gram on Thursday.

The Dubai Jewellery Group data showed 24K trading at Dh287 per gram on Friday morning compared to Dh286.0 at the close of the markets on Thursday. It lost Dh7.25 per gram on Thursday as prices fell globally due to profit-taking by investors.

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Other variants, 22K, 21K and 18K, were trading at Dh265.75, Dh257.25 and Dh220.5 per gram, respectively.

Globally, spot gold was trading at $2,373.84 per ounce at 9.55am, UAE time, up 0.43 per cent. It fell below $2,370 in earlier trade on Friday.

[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]

Mazen Salhab, chief market strategist for Mena in BDSwiss, said gold prices dropped to their lowest in two weeks on Thursday after attempting a rebound over two sessions.

“Gold declined (on Thursday) as market participants remain cautious ahead of key US economic data, which will likely give insights into the Federal Reserve's potential rate cuts this year,” he said, adding that investors are looking at the June PCE price index report set for release on Friday.

“Due to the uncertainty, traders might avoid aggressive bets and wait for more clarity on the Fed's policy direction. Expectations of the Federal Reserve starting its rate-cutting cycle in September have kept the US dollar subdued, staying below a recent two-week high. A risk-off sentiment in global equity markets, which usually benefits safe-haven assets like gold, could temporarily support gold prices. Over the longer term, gold could see support from expectations of rising demand in India, continuing geopolitical tensions and concerns about an economic slowdown,” added Salhab.

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