Dubai: Gold prices slip in early trade, losing gains from previous day
Gold prices slipped at the opening of markets in Dubai on Wednesday morning, losing some of the gains recorded on Tuesday.
The Dubai Jewellery Group data showed 24K trading at Dh351.25 per gram on Wednesday morning, down from Dh351.5 per gram at the close of markets on Tuesday.
Meanwhile, 22K, 21K and 18K were selling at Dh326.75, Dh313.25 and Dh268.5 per gram, respectively. Globally, spot gold was steady at $2,914.36 per ounce.
The yellow metal has been benefitting from the weakening US dollar and falling Treasury bond yields, solidifying its position as a safe-haven asset amidst unstable economic conditions.
Rania Gule, senior market analyst for Mena at xs.com, said gold is currently experiencing notable fluctuations, hovering around the $2,900 mark, influenced by several economic and geopolitical factors impacting the gold market.
'Over time, concerns over global trade wars and geopolitical risks remain at the forefront of factors supporting gold's rise. Markets are on edge due to President Donald Trump's trade policies, which contribute to heightened economic uncertainty,' she said.
'Additionally, worries about a potential recession in the United States are drawing investors' attention, driving demand for gold as a safe investment to protect capital from market volatility. At the same time, traders continue to monitor developments in US trade and economic conditions, as any signals of economic slowdown due to tariffs could prompt the Federal Reserve to cut interest rates, weakening the dollar and further enhancing the appeal of non-yielding gold,' said Gule.
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