Dubai: Gold prices rise Dh1 per gram in early trade, start the week positively
Gold prices went up Dh1 per gram during market opening in Dubai on Monday.
At 9am UAE time 24K reached Dh345.5 per gram which represented a rise from Dh344.5 per gram when markets closed over the weekend. The 22K variant started at Dh321.5 per gram while 21K opened at Dh308.25 per gram and 18K began trading at Dh264.25 per gram.
At 9.07 AM UAE time spot gold traded globally at $2,866.36 per ounce which represented a 0.24 per cent increase.
US Federal Reserve interest rate policies together with President Trump's tariff policies and central banks' gold purchases have determined the price movements of gold.
Even though tariffs have not directly affected gold, trade uncertainty has created major changes in trading patterns which resulted in gold price fluctuations.
The precious metal reached its highest recorded price last month when it surpassed $2,950 for the first time.
Senior analyst Ipek Ozkardeskaya from Swissquote Bank said gold’s pullback from $3,000 reflects market health and geopolitical tensions support a positive long-term gold outlook.
The chief market analyst at FxPro, Alex Kuptsikevich explained that multiple budget reduction measures from the Trump administration caused investors to shift towards long-term US Treasuries.
The present decrease in gold prices gives us the opportunity to set the $2,800 area as our target given the downward trend which started at 2,955.
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