Dubai: Gold prices slip in early trade on Tuesday
Gold prices slipped at the opening of the markets on Tuesday after touching Dh400 per gram on Monday.
The Dubai Jewellery Group data showed 24K trading at Dh399.0 per gram on Tuesday morning, down from Dh400 per gram at the close of the markets on Monday.
Among the other variants, 22K, 21K and 18K slipped to Dh369.5, Dh354.25 and Dh303.75 per gram, respectively.
Globally, the precious metal was trading at $3,311.35 per ounce, down 0.74 per cent. It previously slipped below $3,300.
Rania Gule, senior market analyst at xs.com, said the yellow metal pullback reflects the market's reaction to global economic variables, particularly concerning the trade relations between the United States and China.
'Growing optimism about the improvement of these relations, following positive comments from US Agriculture Secretary Brooke Rollins about daily talks between the two countries regarding tariffs, led investors to reduce their positions in gold as a haven. This shift in sentiment has negatively impacted investor appetite for safe-haven assets like gold, causing it to drop below the $3,300 level, a noticeable decline after last week's record highs,' she added.
'However, gold remains a haven for investors during times of economic uncertainty, suggesting that this decline may be temporary. While the trade relationship between the US and China is a key driver of risk appetite in the markets, there are still concerning factors at the global economic level that could support gold's long-term stability,' added Gule.
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