A weaker US dollar caused gold prices to rise above Dh600 per gram at the beginning of the week. The 24K gold price in Dubai rose to Dh603.75 per gram on Monday morning while 22K, 21K, 18K and 14K gold jumped to Dh559.25, Dh536.25, Dh459.5 and Dh358.5 per gram, respectively.
Over the previous few months, the price of 24K gold has crossed the Dh600 mark a few times before being driven lower by profit-taking. At Monday morning’s market opening, spot gold was up 1.25 percent, trading above $5,000 per ounce on a global scale.
According to Tickmill’s managing director, Joseph Dahrieh, gold prices were still erratic but generally hovered around the same levels as the previous trading sessions. Following its most recent sell-off, the market may steadily settle while still responding to fresh information and geopolitical events. The latter might increase demand for assets that are safe havens,” he said.
US-Iran negotiations remain a focal point in the Middle East. Although diplomacy has the ability to reduce tensions, some caution is fuelled by heated speech and military events. Any escalation or setback would likely spark renewed interest in purchasing gold. Despite recent peace negotiations, fighting in Eastern Europe persisted, which strengthened the geopolitical risk premium that supports gold.
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