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Dubai: Gold prices open higher in early trade

Globally, spot gold stood at $2,616.45 per ounce as markets were closed in most of the countries around the world due to the Christmas holiday

Published: Wed 25 Dec 2024, 9:46 AM

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Gold prices opened higher again at the opening of the markets in Dubai on Wednesday.

The 24K variant of the yellow metal rose half a dirham per gram to Dh317, up from Dh316.5 per gram at the close of the markets on Wednesday.

Among the other variants, 22K, 21K and 18K were selling higher at Dh293.5, Dh284 and Dh243.5 per gram, respectively.

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Globally, spot gold stood at $2,616.45 per ounce as markets were closed in most of the countries around the world due to the Christmas holiday.

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

Gold posted notable moves last week following the US Federal Reserve’s decision of a 25-basis-point rate cut, coupled with a more cautious stance going forward, hinting at only two additional cuts in 2025 amid renewed inflation fears. This decision prompted the yellow metal to test the resistance range near the $2,600 level before finding support and rebounding toward $2,620.

“These developments come against a backdrop of market concerns over the pace of inflation, and expansionary fiscal policy outlook – factors that have lent gold solid support. The precious metal is expected to remain within a comfortable sideways channel between $2,620 and $2,660 during the holiday period, aided by seasonally lower trading volumes,” said Ahmad Assiri, research strategist at Pepperstone.

“The aforementioned levels will be crucial for short-term price action. Gold could see further upside if inflationary worries intensify later on, or if the Fed signals a further shift in its rate path,” added Assiri.

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