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UAE: Gold prices rise in early Dubai trading on first trading day of the year – News

Published: Tuesday, January 2, 2024, 10:03 am

Last update: Tuesday, January 2, 2024, 10:07 am

Gold prices rose in the United Arab Emirates on the first trading day of the New Year, rising Dh0.75 per gram on Tuesday.

According to data from Dubai Jewelery Group, the 24-carat variant of the yellow metal opened at Dh250.5 per gram, up from Dh249.75 per gram at the close of markets last week. Meanwhile, the $22,000, $21,000 and $18,000 copies opened at 232.0, 224.75 and 192.5 dirhams per gram, respectively.

Spot gold rose 0.45 per cent to $2,072.15 an ounce at 9.45 am UAE time, helped by the prospect of interest rate cuts in 2024 by the Federal Reserve. USA.

The precious metal fell as the dollar and Treasury yields rose in the third quarter of 2023, but reversed course in the fourth quarter as the dollar and yields fell sharply.

Richard Snow, a strategist at dailyFX, said gold revealed its appeal as a safe haven asset during the March banking turmoil, as well as in the early days of the war between Israel and Hamas, and that the commodity eventually obliterated the previous all-time high. .

“Expectations for the first quarter of 2024 are for US growth to moderate and inflation to make further gains, which will put pressure on the Federal Reserve to reduce high interest rates. Overall, the fundamental picture favors bullish potential or at least appears to support precious metals,” he said.

Rania Gule, market analyst at XS.com, predicts that gold prices will remain above $2,000 in the short term.

Kelvin Wong, senior market analyst for Asia Pacific at Oanda, said the short-term bullish trend in gold still remains intact above the key support level of $2,017 per ounce.



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