Gold prices rose as Dubai markets opened on Monday, aligning with global trends.
At 9am UAE time, 24K gold climbed to Dh514 per gram, marking an increase of Dh1.75 from last week’s close. Likewise, 22K, 21K, and 18K gold also saw gains, opening at Dh476, Dh456.5, and Dh391.25, respectively.
As of 9.25am UAE time, spot gold held steady at $4,248.93 per ounce. It initially surged in early trading but later eased. Investors remain affected by US Federal Reserve interest rate cuts and ongoing US-China trade negotiations.
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Ipek Ozkardeskaya, a senior analyst at Swissquote, noted that US-China trade tensions have resurfaced after China limited rare earth metal exports to the US, while the US threatened to impose 100 percent tariffs on China.
Last week, Fed Chair Jerome Powell hinted at a potential rate cut by month’s end, offering the only solid insight into the Fed’s plans amid the US government shutdown and lack of economic data.
“The likelihood of a 25 basis point rate cut by the month’s end is now nearly certain. Fortunately, the US Bureau of Labor Statistics will release September CPI data on Friday, providing investors with valuable insights ahead of the late-October Fed decision,” he added.
