emirates7 - Gold prices in Dubai dropped at the market's opening on Tuesday as global rates fell below $2,900 per ounce.
According to data from the Dubai Jewellery Group, 24K gold was trading at Dh349.25 per gram at 9 a.m. on Tuesday, down from Dh349.75 per gram at the close of markets on Monday. Prices for other gold variants also decreased, with 22K at Dh324.75, 21K at Dh311.5, and 18K at Dh267.0 per gram.
Globally, gold was trading at $2,898.14 per ounce, marking a 0.2% increase.
Linh Tran, a market analyst at xs.com, highlighted that geopolitical risks remain high, particularly after last week's tensions between US President Donald Trump and Ukrainian President Volodymyr Zelensky. The US has temporarily paused aid to Ukraine, while Ukraine has vowed to continue its efforts despite the lack of support. The US emphasized that the pause is temporary, but the situation has fueled ongoing uncertainty.
Tran noted that this geopolitical instability is expected to persist until Wednesday, causing investors to hold off on making decisions about safe-haven assets like gold. Additionally, the health of the US economy remains a key factor that will impact gold prices in the near term.
According to data from the Dubai Jewellery Group, 24K gold was trading at Dh349.25 per gram at 9 a.m. on Tuesday, down from Dh349.75 per gram at the close of markets on Monday. Prices for other gold variants also decreased, with 22K at Dh324.75, 21K at Dh311.5, and 18K at Dh267.0 per gram.
Globally, gold was trading at $2,898.14 per ounce, marking a 0.2% increase.
Linh Tran, a market analyst at xs.com, highlighted that geopolitical risks remain high, particularly after last week's tensions between US President Donald Trump and Ukrainian President Volodymyr Zelensky. The US has temporarily paused aid to Ukraine, while Ukraine has vowed to continue its efforts despite the lack of support. The US emphasized that the pause is temporary, but the situation has fueled ongoing uncertainty.
Tran noted that this geopolitical instability is expected to persist until Wednesday, causing investors to hold off on making decisions about safe-haven assets like gold. Additionally, the health of the US economy remains a key factor that will impact gold prices in the near term.