Gold prices in Dubai saw a slight increase of Dh1 per gram on Friday morning, following a significant drop of more than Dh7 per gram the previous day.
According to the Dubai Jewellery Group, the price of 24K gold was Dh287 per gram on Friday morning, up from Dh286 per gram at Thursday’s market close. On Thursday, the price of 24K gold dropped by Dh7.25 per gram due to global price declines triggered by investor profit-taking.
Other gold variants also saw trading activity, with 22K at Dh265.75, 21K at Dh257.25, and 18K at Dh220.5 per gram.
Globally, spot gold was trading at $2,373.84 per ounce at 9:55 am UAE time, marking a 0.43 percent increase. Earlier on Friday, it had fallen below $2,370 per ounce.
Mazen Salhab, chief market strategist for Mena at BDSwiss, noted in a Khaleej Times report that gold prices hit their lowest in two weeks on Thursday after attempting a rebound over two sessions. He attributed the decline to investor caution ahead of the release of key US economic data, particularly the June PCE price index report.
Salhab explained that market participants are awaiting more clarity on the Federal Reserve’s policy direction, with expectations that the Fed might begin a rate-cutting cycle in September. This anticipation has kept the US dollar subdued, benefiting safe-haven assets like gold. Over the longer term, Salhab expects gold prices to be supported by rising demand in India, ongoing geopolitical tensions, and concerns about a global economic slowdown.
