Dubai’s gold prices kept rising, with 22K once more surpassing Dh300 per gram on Friday.
According to data from the Dubai Jewellery Group, the 24K variety increased by Dh1 per gram to Dh324.5, while the 22K type increased by Dh0.75 to Dh300.5 per gram.
The 21K and 18K versions’ pricing went up to Dh290.75 and Dh249.25 per gram, respectively.
In the afternoon, spot gold was up 0.31% on the global market, trading at $2,679.64 an ounce.
Gold continued its positive momentum, marking its third consecutive session of gains, driven by safe-haven demand,” said George Pavel, general manager at Naga.com Middle East.
As Donald Trump gets ready to take office on January 20, markets closely examine the possible inflationary and economic effects of his proposed policies. Trump’s proposed tariffs are especially concerning since they may lead to trade disputes and higher inflation. He suggested that Gold prices may rise due to the increased uncertainty.
But according to the most recent minutes of the Federal Open Market Committee (FOMC), policymakers are still on the lookout for ongoing price pressures, especially in light of Trump’s expected plans. “A more hawkish monetary policy could weigh on gold in this regard,” Pavel continued.
As demonstrated by the Chinese central bank this week, central bank purchases continue to be a market-boosting factor, with strong demand suggesting a wider interest in gold as a strategic asset.
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