Dubai: Gold prices steady in early trade after rising Dh4.5 per gram day before

Gold prices were steady on Wednesday morning after jumping Dh4.5 per gram on Tuesday.

The 24K was selling at Dh402.75 per gram at the opening of the markets in Dubai on Wednesday, up Dh4.5 per gram since Tuesday morning.

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Among the other variants of the precious metal, 22K, 21K and 18K were trading at Dh372.75, Dh357.5 and Dh306.25 per gram, respectively.

Spot gold was 0.6 per cent at Dh3,342.52 per ounce.

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Aaron Hill, chief analyst at FP Markets, said geopolitical theatrics — particularly US President Donald Trump's hardline stance and potential flashpoint with world leaders — remain as ongoing drivers of volatility risks.

“In tandem, the softer labour market sentiment and easing inflation expectations lower immediate odds of Federal Reserve rate cut and sustain the bullish medium-term scenario for gold. The strength of the metal will depend upon whether such supportive fundamentals trump near-term risk swings over global trade news,” he said.

“A break above $3,328 on a sustained basis would reaffirm bullish pressure, while failure to hold above $3,293 risks unleashing further technical selling pressure. As such, gold is still positioned precariously — its next move resting on a delicate balancing act of central bank expectations, political posturing, as well as new information flow,” said Hill.

• Dubai

Waheed Abbas

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.

waheedabbas@khaleejtimes.com