Dubai: Gold prices drop further as Iran-Israel ceasefire takes effect
Gold prices dropped further at the opening of the markets in Dubai as the Iran-Israel ceasefire took effect on Tuesday morning.
The 24K variant of the precious metal dropped to Dh403.5 per gram down from around Dh404 per gram last night. Similarly, 22K, 21K and 18K slipped to Dh373.75, Dh358.0 and Dh307.25 per gram, respectively.
Spot gold was trading at $3,340.49 per ounce, down 1.19 per cent.
Osama Al Saifi, managing director for Mena at Traze, said gold prices extended the losses, as renewed strength in the US dollar and lingering Fed hawkish stance outweighed safe-haven flows.
'The yellow metal could remain under pressure from a resilient dollar. Last week's Federal Reserve projections flagged persistent inflationary risks. With several Fed officials set to speak this week and Chair Jerome Powell's congressional testimony on the agenda, markets are bracing for further policy clarity.'
In addition, he added that gold could also remain exposed to geopolitical developments.
'While geopolitical tensions remain acute in the Middle East and Eastern Europe, investor focus could remain on macro data. PMI releases and weekly jobless claims could influence expectations on the pace of policy easing. In the meantime, elevated geopolitical risk may limit the downside,' he added.
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