Dubai gold prices hold on to gains to end the week above Dh500 levels
Dubai: Gold clung to a small gain to end the week above the $4100 mark. US bond yields slipped and the Fed signaled it was in no rush to decide its next rate move, though fears of a Middle East escalation propped up energy prices. In the UAE prices have gained slightly, where 24-karat gold is priced at Dh504.25 versus Dh502 the previous day.22-karat would cost you Dh467 versus the Dh464, a Dh3…
Dubai gold prices managed to maintain a gain, ending the week above the Dh500 level. US bond yields retreated and the Federal Reserve indicated they were hesitant to decide their next rate move. Middle East tensions, however, provided support to energy prices. In the UAE, 24-karat gold was priced at Dh504.25, up from Dh502 the previous day.
The 22-karat gold cost Dh467, a Dh3 increase from the previous day. 14-karat gold was inching closer to the Dh300 mark per gram. Bullion was trading at $4,189.95, 0.4% higher, but is expected to end the week around 2% lower. Safe-haven buying, caused by concerns over France's fiscal health, contributed to lowered US yields, affecting gold prices.
Tensions in the Middle East kept oil prices up, further impacting gold. Analysts at XS.com stated that the short-term outlook for gold was uncertain, as markets were influenced more by oil-to-inflation dynamics, the Federal Reserve, yields, and the US dollar. Geopolitical tensions were not enough to boost gold unless the conflict escalated enough to trigger a surge in safe-haven demand, overpowering the effects of interest rates.
Spot gold increased by 0.1% to $4,180.20 an ounce in Dubai, while silver rose 0.3% to $61.14 an ounce. Platinum and palladium also saw a slight uplift. The Bloomberg Dollar Spot Index remained stable following a 0.4% rise the previous day. Dubai gold prices saw a slight increase as oil prices eased.
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