E-Paper
Sign In
Dubai: Gold prices rise further, 22K trades above Dh302 per gram
Some analysts say the ceasefire deal between Israel and Hamas capped gains on January 15
- PUBLISHED: Thu 16 Jan 2025, 9:47 AM UPDATED: Thu 16 Jan 2025, 9:48 AM
Gold prices continued their upward trend in Dubai on Thursday morning as 22K opened above Dh302 per gram.
The Dubai Jewellery Group data showed 24K and 22K rising Dh0.50 per gram to Dh326.75 and Dh302.50, respectively, at 9am, UAE time.
Recommended For You
Among the other variants of the precious metal, 21K and 18K were trading higher at Dh292.75 and Dh251 per gram, respectively.
Globally, gold was shy of $2,700, trading at $2,696.91 per ounce, up slightly in early trade. The yellow metal is now more than one month high as softer US core inflation data lifted expectations of interest rate cuts by the US Federal Reserve.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]
However, some analysts said that the ceasefire deal between Israel and Hamas capped gains on Thursday.
Hani Abuagla, senior market analyst at XTB Mena, said the yellow metal was primarily influenced by the dollar and Treasury yields.
He said President-elect Donald Trump's proposed policies, particularly his pledge to impose steep tariffs on imports, could heighten inflation risks, adding complexity to the Federal Reserve's decision-making.
“While near-term pressures weigh on gold prices, the broader outlook could remain favourable. Gold could continue to benefit from sustained geopolitical uncertainties and steady central bank demand,” he said.
ALSO READ:
Dubai: Is it time to shift from gold to diamonds? Changing jewellery trends seen at shops
UAE: Scammed expats hope for 'closure' as Heera Group properties set for auction on January 23
Dubai: More tourists from rich countries go on shopping sprees in the city, say experts
UAE: New VAT rules announced for gold, diamond traders
