Dubai: Gold prices bounce back, gain Dh1.5 per gram in early trade on Wednesday

Gold prices bounced back in Dubai on Wednesday morning after opening lower for 2 days this week, rising Dh1.5 per gram.

The Dubai Jewellery Group data showed 24K opening higher at Dh334.5 per gram, up from Dh333.0 at the close of the markets on Tuesday. Similarly, 22K, 21K and 18K also opened higher at Dh309.75, Dh299.75 and Dh257.0 per gram, respectively. Globally, gold was steady at $2,761.7 per ounce.

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Hassan Fawaz, chairman and founder of GivTrade, said market sentiment has been affected by US President Donald Trump's recent trade tariff threats, which have sparked concerns over their potential economic impact.

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"These concerns could drive investors toward safe-haven assets like gold. In this regard, the metal could continue to find support from heightened economic uncertainty surrounding Trump's second term and future policy announcements,” said Fawaz.

“Over the long term, gold could also continue to find strength in the sustained demand from central banks,” he added.

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

At the same time, investors are closely monitoring the Federal Reserve's two-day policy meeting. While the central bank is expected to maintain interest rates unchanged, market participants are particularly interested in Fed Chair Jerome Powell's upcoming speech, where he could address President Trump's calls for interest rate cuts and potentially hint at the next steps in monetary policy.

“Trump's potentially inflationary policies could prompt the Fed to maintain elevated rates for longer, which could weigh on gold,” added Fawaz.

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• Dubai

Written by

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.