Gold prices slip in Dubai in early trade; 21K drops below Dh510 per gram
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Gold prices slipped in Dubai on Friday morning, in line with the global trend.
According to Dubai Jewellery Group data, the 24K gold price was trading at Dh573.25 per gram on Friday morning, down from Dh577.25 per gram.
The prices of 22K, 21K, 18K, and 14K were also lower at Dh530.75, Dh509.00, Dh436.25, and Dh340.25 per gram, respectively.
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Spot gold fell 0.7 per cent to $4,759.74 per ounce. Silver was also trending lower in early trading, at $75.98, down 0.35 per cent.
Rania Gule, senior market analyst for Mena at xs.com, said gold is currently experiencing one of its most sensitive and critical phases from both an investment and economic perspective, as it approaches the psychological barrier of $4,800 per ounce.
“This level carries not only price significance but also reflects a profound shift in global market behaviour towards risk and safe-haven assets. This rally is not merely a temporary reaction to passing geopolitical events; rather, it is the result of the convergence of several fundamental factors, foremost among them the weakness of the US dollar, declining Treasury yields, and heightened concerns surrounding global inflation and tensions in the Middle East,” said Gule.
She added that this combination creates an ideal environment for the continuation of gold’s positive momentum in the short to medium term, especially if markets continue to price in higher economic risks during the second quarter of the year.
