Dubai: Gold prices slip, but still trade close to all-time high

[Editor's Note: Want to know the latest gold prices in Dubai? Click here]

Gold prices eased slightly in Dubai on Wednesday morning, but were still trading close to an all-time high.

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At the opening of the markets in Dubai on Wednesday, the 24K gold price stood at Dh537.75 — down Dh0.75 per gram — while 22K gold slipped Dh0.50 to Dh498.0.

Among the other variants of the precious metal, 21K, 18K and 14K were trading at Dh477.5, Dh409.25 and Dh319.25 per gram, respectively.

The rising prices are pushing UAE shoppers and investors to buy more gold coins and bars, expecting prices to rise further. However, they have reduced jewellery purchases and shifted to smaller and lightweight ornaments due to affordability.

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Globally, spot gold was down 0.75 per cent at $4,453.37 per ounce.

Gold prices in Dubai have been trending higher for the past couple of days due to the geopolitical crisis in the Americas after the US launched an attack on Venezuela and arrested its president. But as US President Donald Trump has warned other countries, this could support gold prices further.

“There are worries that US ambitions wouldn’t stop at Venezuela. Trump is also looking at Denmark’s Greenland, for example, for its strategic positioning and access to critical metals. There is no doubt that moving into Greenland and taking control would be dramatic for the world order — it would signal the end of Nato as we know it and the beginning of a new, darker era for global geopolitics. While still extreme, it is a scenario that can no longer be completely ruled out,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

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.