Gold jewellery prices remained stable on Tuesday morning, after falling to Dh4.5 per gramme on Monday as the precious metal dipped below $4,400 per ounce. At 9 a.m. UAE time, 24K was selling at Dh409.0 per gramme, up from Dh408.5 per gramme at the end of the markets, but down from Dh413 per gramme at the market’s start on Monday.
Among the other varieties, 22K, 21K, and 18K opened for Dh378.75, Dh363.25, and Dh311.25 per gramme, respectively, providing relief to jewellery consumers ahead of the summer trip season, when locals choose to buy precious metal for gits. Spot gold was selling at $3,392.6 per ounce, down 0.15%. It was trading at $3,418.7 per ounce on Tuesday morning.
According to Konstantinos Chrysikos, head of client relationship management at Kudotrade, gold prices fell on Monday as traders took gains, but the overall positive story remained unchanged.
The precious metal may continue to find support amid geopolitical worries. Tensions in the Middle East remained high over the weekend, with Israel and Iran exchanging attacks. Continued risks of escalation may boost demand for safe-haven assets.”While the Fed is largely expected to hold interest rates unchanged, last week’s softer-than-expected inflation statistics boosted market confidence that rate reduction might begin as early as September. This view might impact on Treasury yields while benefiting non-yielding assets such as gold, he warned.
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