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Dubai: Gold prices slightly up in early trade; all eyes on Trump’s inaugural speech
Gold hit nearly a one-month high last week following three sessions of gains
- PUBLISHED: Mon 20 Jan 2025, 9:47 AM
Gold prices opened slightly higher on Monday, the first trading day of the week, with 22K trading above Dh303 per gram.
The Dubai Jewellery Group data showed 24K trading at Dh327.5 per gram on Monday morning, up Dh0.25 from last week's close. Among the other variants, 22K, 21K and 18K were trading at Dh303.25, Dh293.75 and Dh251.75 per gram, respectively.
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Globally, gold was trading at $2,706.09 per ounce, up 0.1 per cent.
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Investors were awaiting US President-elect Donald Trump's inauguration speech which is due to later today.
Gold hit nearly a one-month high last week following three sessions of gains.
“The bullish momentum was supported by recent US economic indicators as traders reacted to inflation and retail sales figures. Furthermore, comments from Fed Governor Christopher Waller suggested the possibility of three to four rate reductions in 2025 if inflation declines, which could benefit the appeal of gold as a non-interest-bearing asset if it materializes.
"However, markets continue to price in one rate cut this year,” said Inki Cho, financial markets strategist consultant at Exness.
Cho added that the outlook for gold is also influenced by key events, including the anticipated beginning of Donald Trump's presidential term. “The latter could have significant implications for economic policies and international trade, particularly in terms of potential tariffs that may drive inflation and trade tensions, reinforcing gold's position as a hedge against uncertainty. Although central bank demand remains strong support for gold prices, recent geopolitical developments, such as the ceasefire in the Middle East, could reduce the immediate safe-haven demand for the precious metal,” said Cho.
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