emirates7 - Gold prices surged past Dh400 per gram in Dubai once again on Tuesday morning, climbing by nearly Dh15 per gram in just over a day.
At the market opening on Tuesday, the price of 24-carat gold stood at Dh405.25 per gram, a notable increase from Dh399 at Monday's close. This also marked a significant jump from the weekend closing price of Dh390.5 per gram.
Prices for other gold categories also saw an uptick: 22-carat opened at Dh375.25 per gram, 21-carat at Dh360, and 18-carat at Dh308.5. Meanwhile, spot gold was trading at $3,360.46 per ounce, reflecting a 1.4% rise.
Erkin Kamran, CEO of Traze, attributed the rise to ongoing uncertainty surrounding US-China trade talks and growing geopolitical tensions, which have fueled demand for safe-haven assets like gold.
“Concerns over Eastern Europe and recent events in the Middle East are keeping investors cautious. The deadlock in trade discussions between the US and China continues to influence gold’s value. Although US President Donald Trump recently said that China is keen on striking a deal, Beijing has reiterated its preconditions, indicating that no breakthrough is imminent. This gridlock, along with a weakening US dollar, has contributed to gold’s upward trend,” Kamran explained.
He also pointed to the upcoming Federal Reserve policy meeting as a key focus for investors.
“Should the Fed signal a more dovish stance or highlight signs of an economic slowdown, gold prices may see further support. Conversely, a more aggressive Fed could restrain short-term gains. Nevertheless, continued uncertainty, especially from Trump’s unpredictable tariff strategies, is likely to sustain gold’s appeal,” he added.
At the market opening on Tuesday, the price of 24-carat gold stood at Dh405.25 per gram, a notable increase from Dh399 at Monday's close. This also marked a significant jump from the weekend closing price of Dh390.5 per gram.
Prices for other gold categories also saw an uptick: 22-carat opened at Dh375.25 per gram, 21-carat at Dh360, and 18-carat at Dh308.5. Meanwhile, spot gold was trading at $3,360.46 per ounce, reflecting a 1.4% rise.
Erkin Kamran, CEO of Traze, attributed the rise to ongoing uncertainty surrounding US-China trade talks and growing geopolitical tensions, which have fueled demand for safe-haven assets like gold.
“Concerns over Eastern Europe and recent events in the Middle East are keeping investors cautious. The deadlock in trade discussions between the US and China continues to influence gold’s value. Although US President Donald Trump recently said that China is keen on striking a deal, Beijing has reiterated its preconditions, indicating that no breakthrough is imminent. This gridlock, along with a weakening US dollar, has contributed to gold’s upward trend,” Kamran explained.
He also pointed to the upcoming Federal Reserve policy meeting as a key focus for investors.
“Should the Fed signal a more dovish stance or highlight signs of an economic slowdown, gold prices may see further support. Conversely, a more aggressive Fed could restrain short-term gains. Nevertheless, continued uncertainty, especially from Trump’s unpredictable tariff strategies, is likely to sustain gold’s appeal,” he added.