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UAE: Gold prices dip in early trade on Tuesday

The recent debate between Biden and Trump increased political uncertainty and could support demand for gold

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by

Waheed Abbas

Published: Tue 2 Jul 2024, 9:23 AM

Last updated: Tue 2 Jul 2024, 9:28 AM

Gold prices dipped at the opening of the markets in Dubai on Tuesday.

The Dubai Jewellery Group data showed 24K trading at Dh281.75 per gram at 9am on Tuesday, down Dh0.25 per gram. Among the other variants, 22K, 21K and 18K opened at Dh261.0, Dh252.5 and Dh216.5 per gram, respectively.

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Globally, gold was trading at $2,326.78 per ounce, down 0.23 per cent, at 9.10am UAE time.

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Daniel Takieddine, CEO for Mena at BDSwiss, said gold traded sideways due to the uncertainties surrounding the US Federal Reserve’s future interest rate decisions.

“Key US inflation data from May indicated a slowdown, supporting expectations that the Fed might implement rate cuts twice this year. However, opposition from several influential FOMC members remains,” he said.

Takieddine continued: “At the same time, political uncertainty in the US and Europe could continue to support gold. The recent debate between President Joe Biden and his Republican opponent, Donald Trump, increased political uncertainty and could support demand for gold. Additionally, the French parliamentary elections have added to the uncertainty about the far-right party’s potential to steer French policies and could affect gold prices as investors look forward to the second round of votes.”

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Waheed Abbas

Published: Tue 2 Jul 2024, 9:23 AM

Last updated: Tue 2 Jul 2024, 9:28 AM

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