emirates7 - Gold prices in the UAE rose by Dh2 per gram on Wednesday morning, following a dip that brought the yellow metal close to Dh300 per gram on Tuesday evening.
At 9 a.m. UAE time, the 24K gold variant climbed to Dh302.25 per gram, compared to Dh300.25 per gram at the previous night’s close, marking a Dh2 increase. Other variants, including 22K, 21K, and 18K, opened at Dh279.75, Dh270.75, and Dh232.25 per gram, respectively.
Globally, gold was trading at $2,496.12 per ounce, reflecting a 0.13 percent rise as of 9:07 a.m. UAE time.
Tito Iakopa, commercial director at FlowCommunity, noted that gold is trading within a narrow range, showing modest gains as investors await key economic data releases this week.
“Factors such as geopolitical tensions, central bank demand, concerns over China’s economic slowdown, and the upcoming U.S. elections may help support gold prices. Additionally, traders are being cautious ahead of the U.S. labor market data release on Friday, which is expected to significantly impact market sentiment and shape expectations about the Federal Reserve’s interest rate decision this month.
"Current market speculation leans towards a 25 basis point rate cut rather than a more aggressive 50 basis point cut, which will be a key factor in gold's next move,” Iakopa added.
At 9 a.m. UAE time, the 24K gold variant climbed to Dh302.25 per gram, compared to Dh300.25 per gram at the previous night’s close, marking a Dh2 increase. Other variants, including 22K, 21K, and 18K, opened at Dh279.75, Dh270.75, and Dh232.25 per gram, respectively.
Globally, gold was trading at $2,496.12 per ounce, reflecting a 0.13 percent rise as of 9:07 a.m. UAE time.
Tito Iakopa, commercial director at FlowCommunity, noted that gold is trading within a narrow range, showing modest gains as investors await key economic data releases this week.
“Factors such as geopolitical tensions, central bank demand, concerns over China’s economic slowdown, and the upcoming U.S. elections may help support gold prices. Additionally, traders are being cautious ahead of the U.S. labor market data release on Friday, which is expected to significantly impact market sentiment and shape expectations about the Federal Reserve’s interest rate decision this month.
"Current market speculation leans towards a 25 basis point rate cut rather than a more aggressive 50 basis point cut, which will be a key factor in gold's next move,” Iakopa added.