Gold prices slip in Dubai as yellow metal trades below $2,900 globally
Gold prices fell at the opening of the markets in Dubai on Tuesday as global rates dropped below $2,900 per ounce.
The Dubai Jewellery Group data showed 24K trading at Dh349.25 per gram at 9am on Tuesday morning, down from Dh349.75 per gram at the close of the markets on Monday.
Among the other variants, 22K, 21K and 18K slipped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively.
Globally, gold was trading at $2,898.14 per ounce, up 0.2 per cent.
Linh Tran, market analyst at xs.com, said geopolitical risks remain prolonged following last week's clash between US President Donald Trump and Ukrainian President Volodymyr Zelensky.
'Both sides have since taken further actions, with the US temporarily halting aid to Ukraine and Ukraine responding that they will continue their efforts despite lacking US support. However, the US emphasised that this is a 'temporary pause,' while the Ukrainian president has continued to express a desire to reach an agreement with the US,' said Tran.
She said geopolitical uncertainty is expected to persist until Wednesday, causing investors to delay their actions regarding safe-haven assets.
The health of the US economy is also another major factor which will influence the precious metal prices in the near future.
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