Gold prices were steady at the opening of the markets in Dubai on Wednesday.
The Dubai Jewellery Group data showed that 24K variant of the yellow metal was trading at Dh282.75; 22K at Dh261.75; 21K at Dh253.5; and 18K at Dh217.25 per gram at 9am, UAE time, remaining unchanged from last night’s close.
Globally, gold was trading at $2,334.57 per ounce, up 0.18 per cent, at 9.10am UAE time.
[Editor’s Note: For real-time gold rates, click on the widget below or visit KT’s dedicated Trading News page here.]
Gold has performed remarkably well in 2024, rising by 12 per cent in the first half, outpacing most major asset classes. Gold has thus far benefitted from continued central bank buying, Asian investment flows, resilient consumer demand, and a steady drumbeat of geopolitical uncertainty.
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For the second half of 2024, the key question in investors’ minds is whether gold’s momentum can continue — or if it’s running out of steam.
“With a few exceptions, the global economy is showing wavering growth indicators – eager for rate cuts – amid lower but still uncomfortable inflation. And the market’s outlook is not too dissimilar. Our analysis suggests that the gold price today broadly reflects consensus expectations. However, things rarely go according to plan. And the global economy, as well as gold, seem to be waiting for a catalyst,” the World Gold Council said in its latest report.
“For gold, we believe the catalyst could come from falling rates in developed markets, that attract Western investment flows, as well as continued support from global investors looking to hedge bubbling risks amid a complacent equity market and persistent geopolitical tensions,” it said.