Dubai gold drops to Dh402.25 as Trump, Putin hold peace talks in Alaska
Dollar weakness, oil slide and US tariffs influence global investors
DUBAI’s gold market on Saturday opened with 24-karat priced at Dh402.25 per gram, a marginal dip from Friday’s Dh403.25.
The 22K rate stood at Dh372.25, 21K at Dh357.00, and 18K at Dh305.75.
Friday’s session marked the lowest level of the week, with 24K at Dh403.25. On Thursday, the rate was Dh405.00, while Wednesday closed at Dh404.00. Earlier in the week, Tuesday’s price stood at Dh404.25 and Monday’s peak was Dh406.75.
What’s happening globally?
Global bullion mirrored the pressure as spot gold edged 0.09% higher to $3,338.65 an ounce, while US gold futures settled almost flat at $3,382.60. Crude oil fell sharply, with Brent closing 1.5% lower at $66.85 per barrel and US crude down 1.8% to $62.80.
The US dollar weakened across major currencies, with the dollar index dropping 0.34% to 97.85. Against the yen, it slid 0.38% to 146.72, while the euro firmed 0.48% to $1.1702.
Why markets moved?
Markets were cautious as US President Donald Trump and Russian President Vladimir Putin met in Alaska for high-stakes talks over Ukraine. The summit came with speculation of a possible ceasefire, though global investors remained wary of the outcome.
Meanwhile, Wall Street posted mixed results. The Dow Jones Industrial Average rose 0.08% after touching a record intra-day high, while the S&P 500 slipped 0.29% and the Nasdaq fell 0.40%, pulled down by technology and financials.
European shares flirted with a five-month high before retreating. The MSCI All Country World Index held steady at 951.70, just below its record 954.21 reached earlier in the week.
Where does this leave gold?
With US tariffs in focus, weakening retail sales data, and anticipation of a Federal Reserve interest rate cut, investors turned to safe-haven assets. However, gold’s climb remained capped by profit-taking and the cautious stance ahead of any outcome from the Trump-Putin talks.
Cryptocurrencies stabilised after Bitcoin touched a record $124,480.82 on Thursday, before easing to $117,033.52 by Friday.