Dubai: Gold prices gain Dh5 per gram in 24 hours, hit one-month high

Gold prices in Dubai have jumped Dh5 per gram in the past 24 hours, hitting a month high.

On Tuesday morning, the 24K variant of the precious metal was trading at Dh408.75 per gram compared to last week’s close of Dh403.75. Among the other variants, 22K, 21K and 18K have jumped to Dh378.5, Dh362.75 and Dh311 per gram, respectively.

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Spot gold was steady at $3,388.61 per ounce on Tuesday morning. The precious metal is supported by a weaker US dollar and lower Treasury yields, as investors looked for progress in trade talks ahead of an August 1 deadline.

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The US dollar index was hovering near a more than one-week low against its rivals, making greenback-priced gold less expensive for other currency holders, while benchmark 10-year US Treasury yields hit a more than one-week low on Monday.

Chris Weston, head of research at Pepperstone, said the precious metals complex has been the clear beneficiary of the technical breakdown in the US dollar index, with the intraday relationship between gold and the dollar becoming notably tight.

He added that client volumes on gold have picked up over the past 24-36 hours, with gold holding the top spot as the most traded market. “The upbeat flows through the market have seen spot gold emphatically breakout of $3,370 to $3,300 trading range it has held since early July, with front-month gold futures settling firmly above $3,400 and holding the big figure through Asia,” he said.

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.