Gold prices climbed Dh2 per gram at the opening of the markets in UAE on Wednesday after yellow metal fell to nearly Dh300 per gram on Tuesday evening.
At 9am UAE time on Wednesday, the 24K variant of the yellow metal jumped to Dh302.25 per gram compared to last night’s close of Dh300.25 per gram, up Dh2 per gram. Among the other variants, 22K, 21K and 18K opened at Dh279.75, Dh270.75 and Dh232.25 per gram, respectively.
Globally, gold was trading at $2,496.12 per ounce, up 0.13 per cent, at 9.07 am UAE time.
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Tito Iakopa, commercial director at FlowCommunity, said gold is trading within a narrow range, showing only slight gains as investors await key economic data releases this week.
“Geopolitical tensions, central bank demand, and fears of further economic deterioration in China, along with the upcoming US elections, may support gold prices. Additionally, traders are cautious ahead of the US labour market data release on Friday, which is anticipated to significantly influence market sentiment and expectations regarding the Federal Reserve’s interest rate size this month.
“Current market speculation leans towards a 25 basis point rate cut rather than a more aggressive 50 basis point cut, which will be a crucial factor for gold’s next move,” said Iakopa.