UAE: Gold prices rise, inch closer to record highs
Gold prices inched again at the opening of markets in Dubai on Thursday, hovering around record highs.
At 9am UAE time, 24K rose Dh354.25 per gram, up from Dh354 per gram at the close of markets on Wednesday. Among the other variants of the yellow metal, 22K, 21K and 18K inched higher to Dh329.75, Dh316 and Dh271 per gram, respectively.
Globally, spot gold was trading at $2,941.12 per ounce, up 0.73 per cent.
Rania Gule, senior market analyst for Mena at XS.com, said gold prices continue to attract persistent buying amid global concerns pushing investors toward safe-haven assets.
'Gold is always seen as a haven in times of economic and geopolitical tensions, and currently, it seems to me that several intertwined factors are influencing gold price movements, including expectations surrounding interest rate cuts by the Federal Reserve, as well as geopolitical developments related to the trade war and tensions between major powers,' said Gule.
Although gold has remained close to its all-time highs recently, traders are staying cautiously on the sidelines, waiting for the release of the Federal Open Market Committee (FOMC) meeting minutes.
'This event is pivotal as it could provide further clarity regarding future monetary policy direction, which will directly impact the movements of the US dollar and, consequently, the path of gold. So far, there has been no strong inclination for traders to take strong positions in either the bullish or bearish direction for gold, reflecting a cautious market awaiting clearer guidance on the Fed's next steps,' she added.
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