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Dubai: Gold prices slip in early trade after jumping over Dh10 per gram
Spot gold was trading at $3,361.67 per ounce, down 0.35 per cent
- PUBLISHED: Tue 3 Jun 2025, 10:13 AM
Gold prices slipped Dh1.5 per gram on Tuesday after jumping over Dh10 on Monday.
The 24K variant of the precious metal rose Dh10.5 per gram to Dh406.75 on Monday but slipped to Dh405.25 per gram on Tuesday morning. Meanwhile, 22K, 21K and 18K were trading at Dh375.25, Dh359.75 and Dh308.5 per gram, respectively.
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Spot gold was trading at $3,361.67 per ounce, down 0.35 per cent.
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Dilin Wu, research strategist at Pepperstone, said gold extended its choppy trading pattern from mid-April last week, with bearish pressure dominating.
“A series of developments — including shifting White House rhetoric on EU tariffs, resilient US data, changing market sentiment on Treasuries, and legal challenges to tariff legitimacy — have all contributed to the recent price swings... Gold remains range-bound between $3,170 and $3,430, with downward momentum still in control,” said Wu.
Looking ahead, she said uncertainty around the legal path of US tariffs and the trajectory of the tax bill will likely keep gold supported on dips, while resilient US data, the Fed’s reluctance to shift dovish, and some gold selling from China on Friday may cap upside momentum.
Inki Cho, financial markets strategist consultant to Exness, said gold prices were bolstered by renewed trade tensions and escalating geopolitical risks on Monday.
“President Donald Trump announced plans to double tariffs on steel and aluminium imports to 50 per cent starting June 4, a decision that comes amid ongoing legal disputes over current tariffs. Markets responded cautiously, seeking shelter in traditional hedges like gold. Further uncertainty emerged after Trump accused China of violating a recent trade truce, prompting a sharp exchange of claims between the two governments,” he said.
