Dubai: Gold prices rise in early trade; 22K stays below Dh300 per gram

Prices of gold in Dubai rose half a dirham per gram on the opening of the markets Tuesday as 22K held below Dh300 per gram Monday. 

24K and 22K, opened Dh0.5 per gram above on the news at Dh323.75 and Dh299.75 per gram respectively at 9am UAE time. 21K and 18K had been selling for Dh290.25 and Dh248.75 per gram respectively. 

Yellow metals were trading around Dh2.5 a gram lower Monday. The dollar rose 0.57 per cent, while spot gold was up $2,673.8 per ounce around the world. The reason why investors have been getting worried is because of how slowly the US is cutting interest rates and why Treasury yields keep increasing. 

Besides, geopolitical issues in Europe, the Middle East and Southeast Asia could be another source of volatility and make precious metal glint. 

Because of the uncertainty in the safest fixed-income market, the metal has been able to weather the recent climb in Treasury yields. 

Samer Hasn, senior market analyst at XS.com, says that new attention to the US deficit problem, which might only get worse under the new administration of Donald Trump, is creating risk in the US bond market. 

Gold prices climb in Dubai!  Get your 22K gold before it’s sold out and prices are still under Dh300 per gram, don’t miss this. To be the first to know, sign up for Just Dubai!