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UAE: Gold prices rise on Middle East tensions and hopes of soon Fed rate cut – News

Published: Monday, January 15, 2024, 09:45

The price of gold rose by half a dirham as markets opened in the United Arab Emirates on Monday morning.

Data from Dubai Jewelery Group showed 24,000 units were trading at Dh248.75 per gram on the first trading day of the week, compared to Dh248.25 per gram at the close of markets last week. While the $22,000, $21,000 and $18,000 bills also opened higher at Dh230.25, Dh223.0 and Dh191.25 per gram, respectively.

Spot gold rose 0.33 per cent to $2,054.02 an ounce at 9.17 am UAE time after posting its biggest daily gain since December 12, 2023 on Friday, as Bullion held onto safe-haven gains amid heightened tensions in the Middle East and after renewed bets on an early rate cut by the US Federal Reserve.

Rania Gule, market analyst at . “This could put some selling pressure on prices.”

He added that rising geopolitical tensions in the Middle East may drive investors towards the traditional haven, which could increase the likelihood of a gold price rise in the short and medium term.



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