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UAE: Gold prices rise on first trading day of the week
Globally, spot gold was trading at $2,447.51 per ounce, up 0.26 per cent at 9.16am local time
Gold prices in the UAE opened higher on the first trading day of the week.
The Dubai Jewellery Group data showed 24K trading at Dh296.75 at the opening of the markets on Monday compared to last week’s close of Dh296.0 per gram. Among the other variants of the yellow metal, 22K, 21K and 18K were trading at Dh274.75, Dh266.0 and Dh228.0 per gram, respectively.
Globally, spot gold was trading at $2,447.51 per ounce, up 0.26 per cent at 9.16am UAE time.
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Dilin Wu, research strategist at Pepperstone, said the underlying bullish factors for gold remain strong, and it’s only a matter of time before the market sees a new all-time high.
“Looking at the US Federal Reserve’s policy stance, even though June’s US core Personal Consumption Expenditure (PCE) came in higher than expected, it hasn’t derailed the near certainty of a September rate cut, as confirmed by the FOMC meeting and Fed chair Jerome Powell’s comments. Lower interest rate is definitely positive for gold, which, like a steadfast lighthouse in a storm, stands firm as a zero-yield asset,” explained Wu.
Geopolitically, the recent flare-ups in the Middle East and rising US election uncertainties are significant, he added.
According to Wu, with Kamala Harris's support narrowing the gap with Trump and recent polls erasing Trump’s lead in swing states, the dollar is under pressure. "This safe-haven demand and expectations of a weaker dollar are like strong winds at gold's back, pushing prices higher," he noted.
"As for gold demand, the World Gold Council’s report on July 30th showed that global gold demand in Q2 and official gold reserves for the first half of the year reached all-time highs, providing a solid foundation for gold prices,” he said, adding that overall, the economy and geopolitical instability, combined with robust global gold demand, are set to keep gold prices high.
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