Due to Middle East tension and growing speculation that the US will lower interest rates later this year, gold prices surged in Dubai on Friday. The 24K variety was up Dh2 per gram from last night’s close when it traded at Dh286.25 per gram in the UAE on Friday afternoon. The other three variations were trading at Dh265 for 22K, Dh256.50 for 21K, and Dh220 for 18K per gram. From Tuesday to today, the price of gold in Dubai has increased by Dh5.
Trader caution was reflected in the price action of the yellow metal, which indicated continued uncertainty regarding the Federal Reserve’s timeline for interest rate cuts. The most recent US data, however, confirmed the number of rate cuts expected for the rest of the year. Market speculation indicates that there may be two cuts, despite Federal Reserve officials’ preference for just one, as a result of declining inflation and cooling economic conditions. These elements maintain traders’ vigilance as they watch for more conclusive signals from potential future economic reports,” he said.
According to Chris Weston, head of research at Pepperstone, this cautious approach is reflected in the well-defined range of $2,430 to $2,285; however, trader profits are being made within the $145 range.
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