Dubai gold: 22K gold jumps Dh1.5 amid global market caution
Precious metals dip despite stable gold performance globally
DUBAI gold prices ticked up on Thursday as global traders braced for fresh economic cues from the US labour market.
With the release of the non-farm payrolls report looming, investors adopted a cautious stance, lifting the appeal of safe-haven assets.
The price of 24-carat gold in Dubai rose Dh1.25 to Dh403.75 per gram, while 22-carat gold increased by Dh1.5 to Dh374. For 21-carat gold, prices reached Dh358.25, and 18-carat gold moved up to Dh307.25, also gaining Dh1.25.
Global market cues
On the international front, spot gold rose 0.04 percent to $3,349.97 per ounce by 4:26 GMT. US gold futures were slightly higher, up 0.01 percent at $3,360.10. The dollar index climbed 0.06 percent to 96.84, making gold marginally more expensive for holders of other currencies.
Recent data from ADP showed US private payrolls shrinking by 33,000 in June – the first drop in over two years – highlighting a mixed outlook for the American labour market. Despite the decline, low layoff numbers pointed to an otherwise resilient jobs scene.
All eyes on payroll report
Markets are now keenly watching the US non-farm payrolls figures, expected to show 110,000 new jobs in June, down from 139,000 in May. The results may influence the Federal Reserve's next policy move, keeping investors in a wait-and-see mode.
Meanwhile, geopolitical developments also contributed to the market's direction. Trump's proposed tax bill, recently approved by the Senate, could widen the US deficit by $3.3 trillion over the next decade if passed by the House. Such fiscal shifts typically heighten interest in gold as a defensive investment.
Other precious metals
Despite gold’s steady hold, other precious metals saw a downturn. Spot silver dropped 0.67 percent to $36.34, platinum slipped 1.49 percent to $1,397.63, and palladium lost 1.14 percent to $1,141.76. Copper dipped marginally by 0.08 percent to $5.15.