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Dubai: Gold prices lose Dh2 per gram in early trade after gaining Dh3 in previous session

Spot gold was trading at $2,647.15 per ounce, down 0.14 per cent

Published: Wed 8 Jan 2025, 9:27 AM

Updated: Wed 8 Jan 2025, 9:28 AM

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Gold prices plunged Dh2 per gram at the opening of the markets on Wednesday after jumping Dh3 per gram on Tuesday.

According to Dubai Jewellery Group data, 24-carat fell Dh2 to Dh320.5 per gram while 22-carat slipped to Dh296.75 per gram on Wednesday morning, down from Dh298.5 per gram at the close of the markets on Tuesday.

Among the other variants, 21-carat and 18-carat fell to Dh289.0 and Dh247.75 per gram, respectively. Spot gold was trading at $2,647.15 per ounce, down 0.14 per cent at 9.07 am UAE time.

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Samer Hasn, senior market analyst at XS.com, said gold reclaimed the $2,640 per ounce level after two consecutive days of declines.

“Gold has been under severe downward pressure since Donald Trump won a second term in the White House, which has given strength to the US dollar amid anticipation of protectionist trade policies against imports, especially from China. As Trump’s inauguration approaches on January 20, more plans are emerging about the features of this policy, which appears to be more aggressive than before,” he said.

Hasn added that while experts’ expectations vary regarding the potential impact of these tariffs on inflation in the US, the Treasury market is pricing in a year in which the pace of interest rate cuts may be slow, which is keeping gold under pressure. “The extremely cautious tone from Federal Reserve officials, led by Jerome Powell, has also heightened concerns about the higher-for-longer rates,” he added.

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