Gold prices in the UAE took a dip at the start of trading on Wednesday, with the 24K variant dropping to Dh292.25 per gram from the previous day’s close of Dh294.0. Other variants also saw decreases, with 22K at Dh270.5, 21K at Dh261.75, and 18K at Dh224.5 per gram. At 9:15 am UAE time, spot gold was trading at $2,413.3, marking a 0.34% decrease ahead of the US Federal Reserve’s minutes of the policy meeting.
The recent surge in precious metal prices has been attributed to various factors including central bank purchases, geopolitical uncertainty, and increased buying by China. Shadi Salloum, regional director for Mena at XS.com, warned investors to approach the market cautiously due to the sensitive nature of gold. Mohamed Hashad, chief market strategist at Noor Capital, highlighted the focus on signals from the Federal Reserve, noting that the soft US inflation readings for April have raised expectations of rate cuts, potentially bolstering metal prices, particularly gold.
