[Editor’s Note: Discover the latest gold prices now.]
Gold prices in Dubai increased by Dh5 per gram as markets opened on Wednesday, recovering most of Tuesday’s losses.
According to the Dubai Jewellery Group, 24K gold was priced at Dh508.75 per gram on Wednesday, up from Dh503.75 at Tuesday’s market close.
Other gold variants also saw price rises: 22K, 21K, and 18K climbed to Dh471.25, Dh451.75, and Dh387.25 per gram, respectively. The recently introduced 14K variant traded at Dh302 per gram, up from Dh299 on Tuesday.
Stay informed with the latest updates. Follow KT on WhatsApp Channels.
Spot gold was priced at $4,221.76 per ounce, reflecting a 0.77% increase at 9.10am UAE time.
On Tuesday, gold declined to $4,198 per ounce, down 0.45%, after reaching a five-week high on Monday, driven by expectations of a US interest rate cut. Vijay Valecha, chief investment officer at Century Financial, noted that weaker PMI data bolstered the anticipation of a Fed rate cut next week, with CME FedWatch estimating an 87% probability.
“The weaker data benefits gold prices, and the rise in Japanese bond yields eases downward pressure on bullion as the yen strengthens against the dollar… Gold exchange-traded funds are seeing increased inflows, underscoring gold’s position as the leading non-fiat asset,” Valecha said. “On daily charts, gold remains above $4,200, a strong support level for the metal,” Valecha added.
