Gold prices in Dubai increased by nearly Dh1 per gram on Thursday morning, reflecting the rise in global markets.
At 9 a.m. UAE time, the 24K gold price opened at Dh318.25 per gram, marking a Dh1.25 jump from the previous night’s closing rate.
For other gold variants:
- 22K rose by Dh1 to Dh294.5 per gram.
- 21K climbed to Dh285.25 per gram.
- 18K opened higher at Dh244.5 per gram.
Globally, spot gold was trading at $2,626.98 per ounce, showing a 0.4% rise.
Factors Influencing Gold Prices
According to Rania Gule, senior market analyst at XS.com, a weaker US dollar and declining bond yields are boosting gold prices. She noted:
- The market has already factored in a rate cut, but the slow pace of easing expected next year could complicate the outlook.
- Gold faces pressure near the critical support level of $2,635, and breaking below this level may lead to further price drops.
Gule also highlighted that the recent decline in US Treasury yields supports price stability. “When yields drop, investors often turn to gold as a safe haven, which helps maintain upward momentum,” she explained.
Additionally, geopolitical tensions in the Middle East are adding uncertainty to gold’s movements, potentially influencing prices further.
