UAE: Gold prices stay high as global rates trade above $2,900
Gold prices continued to trade higher in Dubai on Thursday morning as global prices rose above $2,900 again.
At 9am UAE time, the 24K variant of the yellow metal opened at Dh351.75 per gram and 22K at D327.25 per gram.
Among the other variants, 22K and 18K opened at Dh313.75 and Dh269 per gram, respectively.
Globally, gold was trading at $2,920.52 per ounce, up 0.64 per cent on Thursday morning.
Dr Salem Alremeithi, CEO of SHR Capital, said gold's upward trajectory continues to find support from increased safe-haven demand, particularly following US President Trump's announcement of aggressive tariff measures.
'The prospect of additional trade levies has heightened concerns about a potential trade war, further bolstering gold's appeal as a safe-haven asset. Furthermore, escalating geopolitical tensions have provided additional support for gold prices, notably Israel's recent warning about terminating the Gaza ceasefire,' he said.
Alremeithi elaborated that the precious metal's positive outlook is additionally reinforced by the accommodative monetary policies adopted by major central banks worldwide, coupled with their sustained gold-purchasing activities.
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