At Tuesday’s market opening in Dubai, gold prices surged Dh2 per gram as the yellow metal hit $2,910 per ounce. 24K rose from Dh349.5 per gram at the close of markets on Wednesday to Dh351.5 per gram at 9am UAE time on Thursday. 22K, 21K, and 18K opened at Dh327, Dh313.75, and Dh268.75 per gram, respectively, higher than the other varieties. At 9.07 a.m. UAE time, gold prices were stable at $2,917.17 an ounce globally.
According to Bas Kooijman, CEO and asset manager of DHF Capital SA, gold prices kept rising as investors looked for safe-haven assets while keeping an eye on developments in international trade.
Concerns about growth were heightened by US President Donald Trump’s recent tariffs on products from China, Canada, and Mexico, which sparked immediate retaliation. Trade tensions may strengthen the appeal of gold as a hedge against uncertainty. They might, however, also result in inflationary pressures, which would force the Fed to remain cautious and hold interest rates for a long time, perhaps containing the gold surge, Kooijman added.
He asserted that in addition to trade, geopolitical issues will be a significant factor in determining market sentiment. The CEO of DHF Capital stated, “Traders may become more cautious due to the ongoing uncertainty surrounding the Russia-Ukraine conflict, which could support gold’s upward trajectory shortly.
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