Dubai gold prices edge higher as global rally loses momentum
Dubai: Dubai gold prices edged higher on Friday, despite a pullback in international bullion prices as investors booked profits after gold climbed to its highest level in more than two months. The 24K gold price in Dubai rose to Dh524.25 per gram, from Dh523.50 on Thursday, while 22K gold increased to Dh485.50 from Dh484.75. Get…
Dubai gold prices inched upward on Friday, even as global bullion markets retreated as investors cashed in profits after a recent surge. Twenty-two carat gold reached Dh485.50 per gram, up from Dh484.75 the previous day, while the 24K variety climbed to Dh524.25 per gram, from Dh523.50. The boost in Dubai mirrored a slight dip in overseas gold prices as the recent rally began to lose steam.
Investors opted to take profits following the recent surge, while a softer-than-expected US inflation report dampened hopes of another near-term Federal Reserve rate increase. For Dubai shoppers, the local price hike means gold is still near recent peaks, despite the market's temporary breather. Analysts suggest the short-term uptick may not signal a full bearish turn for gold, but rather a period of profit-taking and repositioning.
Experts remain optimistic about gold's long-term prospects, citing factors like a weaker dollar, evolving US monetary policy expectations and ongoing central-bank demand for the precious metal.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
