During early trading on Wednesday, gold prices in Dubai didn’t change much after a small drop the day before. At 9 a.m. UAE time, 24K gold cost Dh280.75 per gram, while 22K, 21K, and 18K varieties were priced at Dh260, Dh251.75, and Dh215.75 per gram, respectively. Also, spot gold was at $2,319.04 per ounce, up by a little bit.
Terence Hove, a financial expert from Exness, talked about how recent economic news affected gold prices. The possibility of the Federal Reserve lowering interest rates because of the latest US job data has made some people think they might cut rates as soon as September. However, Hove said that what Federal Reserve officials say could change how people feel about the market and, in turn, gold prices.
Hove also mentioned that while central banks buying gold could help the metal keep its value, recent data shows they might not be buying as much, which makes things less certain. He also brought up the situation in the Middle East, saying that if tensions there get worse, people might want to invest in gold for safety. On the other hand, if things start to get better, it could bring gold prices down.
