emirates7 - Gold prices edged lower on Thursday morning after experiencing a sharp increase of Dh3.5 per gram in the previous session.
As of 9:00 AM UAE time on Thursday, the price of 24K gold dropped to Dh354.75 per gram, slightly down from Dh355.0 per gram at Wednesday’s market close. The metal had surged by Dh3.5 per gram the day before.
Meanwhile, other gold variants were trading at Dh330.25 per gram for 22K, Dh316.5 per gram for 21K, and Dh271.25 per gram for 18K.
On the global market, gold was valued at $2,944.57 per ounce at 9:08 AM UAE time, reflecting a 0.18 percent increase. Earlier in the day, it had peaked at nearly $2,952.
Rania Gule, Senior Market Analyst for MENA at XS.com, noted that gold continues to gain from the weakening US dollar.
“Gold remains a key beneficiary of the current market climate, where uncertainty over US trade policies is intensifying tensions between the US and its allies. The recent tariffs imposed by the Trump administration on steel and aluminum imports have raised concerns about their impact on global economic growth, driving demand for gold as a safe-haven asset,” she explained.
Gule further highlighted that rising fears of a potential US economic recession have deepened investor concerns, leading many to turn to gold as a means of wealth preservation amid the depreciating US dollar.
Additionally, the decline in US Treasury yields has provided further support for gold, keeping the precious metal well-positioned to benefit from ongoing economic shifts.
As of 9:00 AM UAE time on Thursday, the price of 24K gold dropped to Dh354.75 per gram, slightly down from Dh355.0 per gram at Wednesday’s market close. The metal had surged by Dh3.5 per gram the day before.
Meanwhile, other gold variants were trading at Dh330.25 per gram for 22K, Dh316.5 per gram for 21K, and Dh271.25 per gram for 18K.
On the global market, gold was valued at $2,944.57 per ounce at 9:08 AM UAE time, reflecting a 0.18 percent increase. Earlier in the day, it had peaked at nearly $2,952.
Rania Gule, Senior Market Analyst for MENA at XS.com, noted that gold continues to gain from the weakening US dollar.
“Gold remains a key beneficiary of the current market climate, where uncertainty over US trade policies is intensifying tensions between the US and its allies. The recent tariffs imposed by the Trump administration on steel and aluminum imports have raised concerns about their impact on global economic growth, driving demand for gold as a safe-haven asset,” she explained.
Gule further highlighted that rising fears of a potential US economic recession have deepened investor concerns, leading many to turn to gold as a means of wealth preservation amid the depreciating US dollar.
Additionally, the decline in US Treasury yields has provided further support for gold, keeping the precious metal well-positioned to benefit from ongoing economic shifts.