Gold Prices Rise in Early Dubai Trade UAE Market Update

In the UAE, gold prices saw a slight uptick as trading commenced on Thursday, with the 24K variant reaching Dh280.25 per gram, compared to Dh279.75 per gram at the previous day's close. Other variants also saw modest increases, with 22K opening at Dh259.5, 21K at Dh251.25, and 18K at Dh215.25 per gram, according to data from the Dubai Jewellery Group.

Meanwhile, on the global front, spot gold prices were up by 0.4 percent, trading at $2,318.35 per ounce. This increase comes after a recent dip triggered by indications from the US Federal Reserve suggesting that interest rates may remain elevated for an extended period.

Although the Fed opted to maintain rates on May 1, 2024, it hinted at potential future cuts while expressing concerns about recent underwhelming inflation data that could delay such actions.

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Market analyst Antonio Ernesto Di Giacomo noted that during times of economic or market uncertainty, investors often turn to safe-haven assets like gold. However, he highlighted that gold's short-term trajectory hinges on various factors, including the Fed's monetary policy decisions, US economic indicators, and the strength of the dollar.

The relative strength of the US dollar has been a key factor affecting gold prices, as it makes the precious metal, priced in dollars, more expensive for foreign investors, thereby dampening its appeal as a safe haven.

Vijay Valecha, Chief Investment Officer at Century Financial, emphasized that gold is currently hovering near the significant psychological threshold of $2,300, while being within a descending channel established since April 22. This positioning suggests ongoing market dynamics and sentiments that investors are closely monitoring.

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