27-02-2025
Dubai: Gold prices slip in early trade as yellow metal trades below $2,900
Gold prices slipped at the opening of the markets in Dubai on Thursday as precious metal fell below $2,900 per ounce. At 9am UAE time, the 24K variant of the yellow fell to Dh349.25 per gram, down from Dh350 per gram at the close of the markets on Wednesday.
Among the other variants, 22K, 21K and 18K dropped to Dh324.75, Dh311.5 and Dh267.0 per gram, respectively. Globally, spot gold was trading at $2,896.11 per ounce, down 0.69 per cent at 9.10 am UAE time.
Economic uncertainty and ongoing fears of instability around US President Donald Trump's tariff plans are causing worries among investors and providing some support to the yellow metal as a safe-haven asset. However, movements remain more or less rangebound.
Vijay Valecha, chief investment officer at Century Financial, said the yellow metal has immediate support at the $2,900 psychological level. Below this, strong support can be $2,891.
Samer Hasn, senior market analyst at said uncertainty about retaliatory steps that other countries may take against the US in tariff war is among the most important positive factors for gold demand.
'This safe-haven demand gives it the ability to face the upward risks of inflation from this trade war and the tightening outlook for monetary policy that will follow,' he said.
