Dubai: Gold prices rise in early trade; 22K stays below Dh300 per gram

Gold prices rose half a dirham per gram at the opening of the markets in Dubai on Tuesday as 22K stayed below Dh300 per gram on Monday.

At 9am UAE time, 24K and 22K opened Dh0.5 per gram higher at Dh323.75 and Dh299.75 per gram, respectively. While 21K and 18K were trading at Dh290.25 and Dh248.75 per gram, respectively.

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Yellow metal prices fell around Dh2.5 per gram on Monday.

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Globally, spot gold was trading at $2,673.8 per ounce, up 0.57 per cent.

Investors' concerns have been growing about the slow pace of interest rate cuts in the United States and the subsequent continued rise in Treasury yields.

In addition, geopolitical factors in Europe, the Middle East and Southeast Asia could also contribute to fuelling uncertainty, giving lustre to precious metal.

Thanks to the prevailing uncertainty in the safest fixed-income market, the metal has been able to resist the continued rise in Treasury yields.

Samer Hasn, senior market analyst at XS.com, said the renewed focus on the US deficit issue, which could worsen under the new administration led by Donald Trump, is fuelling uncertainty in the US bond market.

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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.