Dubai: Gold prices rally continues as 18K moves closer to Dh400

Gold prices surged in Dubai on Tuesday, with 18K nearing Dh400 per gram amid continued market momentum.

The Dubai Jewellery Group data showed 24K trading at Dh523.25 per gram at the opening of markets on Tuesday, up from Dh521.75 per gram at the close of markets on Monday.

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Similarly, 22K, 21K, and 18K opened higher at Dh484.5, Dh464.75, and Dh398.25 per gram, respectively.

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Spot gold was trading at $4,332.52 per ounce, down 0.23 per cent at 9.15am UAE time.

Dilin Wu, research strategist at Pepperstone, said over the past week, gold bulls faced significant resistance as market volatility spiked sharply.

“Rapid developments in US-China trade tensions and global geopolitical events have been the main drivers of recent price swings. Nevertheless, the market’s firm bets on the US Federal Reserve’s interest rate cuts this year, alongside large-scale ETF holdings, continue to provide solid medium- to long-term support. Beyond the US-China relations, traders’ attention this week will focus on US CPI data scheduled for Friday and a series of corporate earnings releases, which could trigger short-term pressure on gold prices,” she said.

Intraday prices hit a record high of $4,379 but faced heavy selling during European hours and US market open, briefly dropping below $4,200.

“Despite this, gold still posted a 5.7 per cent gain for the week, marking its tenth consecutive weekly advance. This underscores that the medium-term bullish trend remains intact, though the rapid ascent calls for a healthy pullback to relieve pressure,” added Wu.

She elaborated that a close above $4,300 this week could confirm a new leg of upward momentum.

Waheed Abbas

waheedabbas@khaleejtimes.com

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.