UAE: Gold prices slip in early trade on first trading day of the week
Gold prices slipped at the opening of markets in Dubai on the first trading day of the week due to a stronger US dollar as investors await fresh catalysts.
At 9am UAE time, the 24K variant of the yellow metal fell to Dh363.75 per gram, down from Dh364.5 per gram at the close of markets over the weekend. Among the other variants, 22K dropped to Dh337, 21K to Dh323 and 18K to Dh277 per gram.
Globally, gold was trading at $3,022.39 per ounce, down 0.62 per cent.
Fadi Al Kurdi, CEO of FFA Kings, said strong safe-haven demand driven by heightened tensions in the Middle East led the bullion to break record highs last week. 'This ongoing instability is likely to continue weighing on investor sentiment and supporting gold's appeal. In Eastern Europe, hopes for diplomatic progress between Russia and Ukraine provided some relief. However, renewed Russian strikes on civilian infrastructure have tempered optimism, keeping markets on alert,' said Al Kurdi.
Meanwhile, the Federal Reserve's cautious tone may limit gold's upside. 'Persistent trade tensions could stoke inflationary pressures, and prompt the Fed to adopt a hawkish stance. However, signs of an economic slowdown may encourage a looser policy stance, providing renewed support for gold,' he added.
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