Dubai Gold Prices Fall After Reaching Nearly Four-Week High
Gold prices in Dubai fell on Wednesday after reaching a nearly four-week high on Tuesday. The price of 24-carat gold was trading at AED 404.5 per gram, down from around AED 406 per gram, following a significant jump of over AED 10 the previous day.
Similarly, the prices for 22-carat, 21-carat, and 18-carat gold also decreased, settling at AED 374.5, AED 355, and AED 307.75 per gram, respectively.
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Despite the decline, spot gold remained steady at $3,354.59 per ounce, reflecting a slight increase of 0.07%. Market analysts attribute the volatility in gold prices to ongoing jitters surrounding the US-China trade deal and other geopolitical tensions.
Rania Gule, a senior market analyst at XS.com, noted that while gold is experiencing a pullback, it does not indicate a weakening bullish trend.
Instead, it may represent a temporary technical pause in an overall upward trajectory driven by trade tensions and potential shifts in US Federal Reserve policies.
The recent announcement by former President Donald Trump to double tariffs on steel and aluminum imports has intensified market anxieties, raising fears of a trade war.
This uncertainty has led to increased demand for gold as a safe-haven asset, despite temporary price declines.
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Khaleej Times
