The yellow metal prices hit an all-time high last month as it breached the $2,950 level for the first time
Gold prices rose Dh1 per gram at the opening of the markets in Dubai on Monday.
At 9am UAE time, 24K rose to Dh345.5 per gram, up from Dh344.5 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K also opened higher at Dh321.5, Dh308.25 and Dh264.25 per gram, respectively.
31 Dec, 2023
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Globally, spot gold was trading at $2,866.36 per ounce, up 0.24 per cent at 9.07 am UAE time.
The yellow metal prices have been dictated by the US Federal Reserve’s policy around interest rates, US President Donald Trump’s policies around tariffs and central banks’ buying of gold.
Gold has not been a direct target of tariffs, but market reactions to trade uncertainty have driven a significant shift in trading behaviour and impacted the gold price.
Gold prices hit an all-time high last month as it breached the $2,950 level for the first time.
“While a pullback after having flirted with the $3,000 level is healthy, the outlook for gold remains positive on the back of tense global geopolitical environment,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Alex Kuptsikevich, chief market analyst at the FxPro, said investors moved into long-term US Treasuries in response to the many initiatives by the Trump administration to reduce the national budget.
“The potential pullback in gold allows us to consider the $2,800 area as a potential target for the current downside momentum from 2,955,” he said.
