Dubai: Gold price steady in early trade as yellow metal hits new global high
Gold prices were steady at the opening of the markets in Dubai on Tuesday, as precious metal touched a new record high globally.
At 9am, 24K was trading at Dh360.0 per gram, 22K at Dh335.0, 21K at Dh321.25 and 18K at Dh275.25 per gram.
Spot gold was trading at $2,3012.84 per ounce, up 0.52 per cent, at 9.10am. It crossed $3,015 per ounce earlier in the day as tariff uncertainty fueled the safe-haven metal's demand.
Vijay Valecha, chief investment officer at Century Financial, said the ongoing tariff uncertainties have set off the demand for safe-haven assets, and the trend is expected to continue.
'This week also beholds the US Federal Reserve's meeting, in which the comments of Fed Chair Jerome Powell will be of focus as market participants try to gauge the interest rate outlook sentiment. With regards to the interest rate decision, according to CME's Fed watch tool, there is a 99 per cent probability that the interest rates will remain at current levels,' said Valecha.
Inki Cho, financial markets strategist consultant at Exness, said the gold market could see some corrections, but geopolitical and economic uncertainties may continue to provide support. 'In this regard, rising tensions in the Middle East could sustain demand for gold,' said Cho.
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