On Friday, the price of gold surpassed its late April levels.
The price of gold experienced a modest decline of half a dirham per gram at the commencement of trading in the UAE this Monday.
According to data from the Dubai Jewellery Group, 24K gold was valued at Dh285.25 per gram at 9 am, marking a slight decrease from Dh285.75 per gram observed over the weekend.
Similarly, other variants such as 22K, 21K, and 18K also commenced trading at lower prices, with values set at Dh264.0, Dh255.75, and Dh219.25 per gram, respectively.
Friday saw a notable surge in gold prices, surpassing levels seen in late April. George Khoury, CFI’s global head of education and research, attributed this rebound to renewed optimism surrounding potential Federal Reserve interest rate cuts.
While the Federal Reserve maintains caution regarding rate reductions, market expectations lean towards a first cut in September. Khoury highlighted the significance of upcoming inflation data, suggesting that a downward trend could further bolster gold’s appeal as an investment.
Geopolitical tensions continue to factor into gold’s performance, with the rapidly evolving conditions in the Middle East posing ongoing risks. Moreover, recent ETF data indicates robust demand for gold in Asian markets, particularly from China, alongside sustained interest from central banks in the precious metal.
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