By Staff Reporter
Dubai: Gold prices jump by Dh10 per gram in 24 hours
Gold prices have jumped Dh10 per gram in the past 24 hours as global rates rose above $3,300 per ounce to hit a one-week high due to the weakening US dollar and concerns about US fiscal uncertainty.
At 9am on Wednesday, 24 karat opened higher at Dh397.75 per gram, up by 1 dirham, from Dh396.5 per gram at the close of the markets on Tuesday. The precious metal has gained Dh10 per gram since Tuesday morning.
Similarly, 22 karat opened Dh1.25 per gram higher at Dh368.5 per gram, gaining Dh8 per gram in 24 hours.
Among the other variants of the yellow metal, 21 karat and 18 karat opened higher at Dh353.25 and Dh302.75 per gram, respectively.
Spot gold was trading at $3,300.75 per ounce, up 0.55 per cent.
US President Donald Trump on Tuesday asked his fellow Republicans to unite behind a sweeping tax-cut bill, but apparently failed to convince a handful of holdouts who could still block a package that encompasses much of his domestic agenda.
“Over the medium- to longer-term, further upside in gold is favoured, though if any positive trade-deal headlines arise this could be an obstacle for gold in attempting to reclaim the $3,500 level,” said Tim Waterer, chief market analyst at KCM Trade.
The US dollar retreated to its lowest level since May 7, making greenback-priced gold cheaper for holders of overseas currency.
