Gold prices slip in Dubai in early trade; 21K drops below Dh510 per gram
In line with the global trend, gold prices dipped in Dubai on Friday morning.
The cost of 24K gold was trading at Dh573, according to Dubai Jewellery Group data. 25 per gram on Friday morning, compared to Dh577. 25 per gram.
The rates for 22K, 21K, 18K and 14K were also lower at Dh530. 75, Dh509. 00, Dh436. 25, and Dh340. 25 per gram, respectively.
Spot gold was down 0.7 per cent at $4,759.74 an ounce. Silver fell in early trading, at $75.98, off 0.35 per cent.
Rania Gule, xs senior market analyst for Mena. com, that gold is now in one of the most sensitive and crucial moments of its career as both an investment and an economic asset near the psychological threshold of $4,800 a troy ounce.
“This level is significant not just from a price perspective, but also represents a very meaningful shift in global market behaviour towards risk and safe-haven assets.
“This rally is not simply a short-term response to fleeting geopolitical events, but instead stems from the intersection of several fundamental factors led by renewed dollar weakness, falling Treasury yields and rising global inflation and geopolitical risk aversion,” said Gule.
It said this combination further lays the groundwork for gold to remain in a positive momentum over the short term through to the medium term, particularly if markets carry on their trend of pricing in higher economic risks throughout quarter two of this year.
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