emirates7 - Gold jewellery prices remained stable on Tuesday morning after experiencing a sharp of Dh4.5 per gram on Monday, as the global price of the precious metal dipped below $4,400 an ounce.
As of 9 AM UAE time, the price of 24K gold was at Dh409.0 per gram—slightly up from Dh408.5 at Monday’s close, but still lower than its opening price of Dh413 earlier that day.
Other gold categories also opened lower, with 22K priced at Dh378.75 per gram, 21K at Dh363.25, and 18K at Dh311.25. The dip offered some relief to buyers, especially ahead of the summer travel season, when many residents traditionally purchase gold as gifts.
In the global market, spot gold was trading at $3,392.6 per ounce, reflecting a 0.15% decline. Earlier on Tuesday morning, it had traded at $3,418.7.
Konstantinos Chrysikos, head of customer relationship management at Kudotrade, said the decline in gold prices on Monday was largely due to profit-taking by traders, although the overall positive outlook for gold remains.
He noted that geopolitical tensions continue to offer support for the metal. "Heightened conflict in the Middle East—marked by ongoing strikes between Israel and Iran—along with continued unrest in Eastern Europe, has kept global risk aversion high, which could sustain demand for safe-haven assets like gold," Chrysikos explained.
On the economic front, he said attention is now turning to the upcoming US Federal Reserve meeting. Although the Fed is expected to hold interest rates steady, last week’s weaker-than-expected inflation report has increased expectations of possible rate cuts starting in September. Such a move could lower Treasury yields and improve the appeal of non-interest-bearing assets like gold.
Chrysikos also highlighted uncertainty around US trade policy. With former President Trump likely to announce new tariffs in the coming weeks, any rise in trade tensions could further increase demand for gold as a protective investment.
As of 9 AM UAE time, the price of 24K gold was at Dh409.0 per gram—slightly up from Dh408.5 at Monday’s close, but still lower than its opening price of Dh413 earlier that day.
Other gold categories also opened lower, with 22K priced at Dh378.75 per gram, 21K at Dh363.25, and 18K at Dh311.25. The dip offered some relief to buyers, especially ahead of the summer travel season, when many residents traditionally purchase gold as gifts.
In the global market, spot gold was trading at $3,392.6 per ounce, reflecting a 0.15% decline. Earlier on Tuesday morning, it had traded at $3,418.7.
Konstantinos Chrysikos, head of customer relationship management at Kudotrade, said the decline in gold prices on Monday was largely due to profit-taking by traders, although the overall positive outlook for gold remains.
He noted that geopolitical tensions continue to offer support for the metal. "Heightened conflict in the Middle East—marked by ongoing strikes between Israel and Iran—along with continued unrest in Eastern Europe, has kept global risk aversion high, which could sustain demand for safe-haven assets like gold," Chrysikos explained.
On the economic front, he said attention is now turning to the upcoming US Federal Reserve meeting. Although the Fed is expected to hold interest rates steady, last week’s weaker-than-expected inflation report has increased expectations of possible rate cuts starting in September. Such a move could lower Treasury yields and improve the appeal of non-interest-bearing assets like gold.
Chrysikos also highlighted uncertainty around US trade policy. With former President Trump likely to announce new tariffs in the coming weeks, any rise in trade tensions could further increase demand for gold as a protective investment.