Minister Lana Zaki Nusseibeh, in a letter to The Economist, also referred to the constructive role played by the UAE in the recent talks that took place in Switzerland
Gold prices rose in Dubai in early trade on the first trading day of the week after prices slumped during the last few trading sessions last week.
In the UAE, the 24K variant of the precious metal rose half-a-dirham per gram to Dh291.25 per gram at 9am compared to last week’s close of Dh290.75 per gram. The yellow metal prices fell nearly Dh8 per gram in Dubai in a day on Friday.
Similarly, 22K, 21K and 18K also opened higher at Dh269.75, Dh261.0 and Dh223.75 per gram, respectively.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Globally, spot gold was down 0.19 per cent at $2,406.8 per ounce at 9.10am.
Chris Weston, head of research at Pepperstone, said US President Joe Biden stepping down as the Democratic Party nominee could, at the margin, be seen as a headwind for gold. Although few are trading that stance today, the weaker dollar is helping support markets throughout Asia.
“Kamala Harris hasn’t yet got the full nominee, and as Obama has not shown a preference, it may still come down to an open contest; but I feel the prediction markets are right to have her as the big favourite to claim that position. We’re already hearing of over $50 million pledged by Democrat donors, so the news flow seems to have revitalised the Democrat’s prospects,” said Weston.
He said there are still enough uncertainties to limit the downside in gold, and economic trends are important variables that will drive interest rate cut expectations, and by extension the gold price.
“But when we look at our checklist of the truly bullish medium-term kickers for gold, then Harris potentially lifting the Democrat’s prospects into November does reduce reasons to own gold as a hedge against Trump/Vance’s hawkish foreign policy and massive deficit spending over the next 10 years,” added Weston.
ALSO READ:
Minister Lana Zaki Nusseibeh, in a letter to The Economist, also referred to the constructive role played by the UAE in the recent talks that took place in Switzerland
The Ruler of Dubai took to X to praise the two figures
Some of the decisions are effective from April 1, 2024, and will be published in the Official Gazette
The donation came from Abdulla Ahmed Al Ansari for the benefit of the Yad Al Khair (Hand of Giving) Committee at the Rental Dispute Centre
According to the World Health Organisation, seasonal flu is an acute respiratory infection caused by influenza viruses
The UNHCR Goodwill Ambassador highlighted the challenges she faced and the urgent need for increased investment in higher education for refugees
As the illegal expats navigated through challenging and precarious situations, the visa amnesty programme came as a ray of hope