Dubai gold slips to Dh399.50: Dollar strength, trade talks weigh in
Silver dips slightly, platinum edges higher today
DUBAI: Gold prices in Dubai opened slightly lower today, extending their downward trend from last week’s peak levels.
According to market data as of Tuesday, 24K gold was priced at Dh399.50 per gram – a noticeable drop from Monday’s Dh402.50 and Dh405.75 recorded midweek.
Other variants mirrored the fall. 22K gold stood at Dh370.00, 21K at Dh354.75, and 18K at Dh304.00 per gram. These reflect a steady cooling of prices since last Wednesday, despite brief upward ticks during the weekend.
Global gold market trends
Internationally, gold remained flat as markets opened, with spot gold trading at $3,311.33 per ounce, close to its three-week low. US gold futures mirrored the trend, holding steady at $3,310.80. Analysts suggest that easing concerns over a full-blown global tariff war and a resilient dollar have suppressed the demand for bullion as a safe-haven asset.
A significant development over the weekend was the US reaching a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods – only half the initially threatened rate. This de-escalation, along with extended US-China economic talks in Stockholm on Monday, signals easing trade tensions that have historically buoyed gold.
Adding to the bearish tone for bullion, the dollar index held near its one-week high, making gold less attractive for buyers using other currencies.
Investors are keeping a close watch on upcoming US macroeconomic data, especially inflation figures and employment reports. Market sentiment also hinges on the outcome of the Federal Reserve’s two-day policy meeting, where rates are expected to remain unchanged. Any dovish signals could reignite bullish sentiment for gold in the coming days.
Other precious metals
Among other precious metals, silver fell by 0.2% to $38.09 per ounce, slightly extending its retreat. Platinum saw modest gains of 0.6%, reaching $1,397.80, while palladium slipped 1.9% to $1,223.02.