Gold prices in Dubai experienced a decline during early trading on Friday, as profit-taking activities globally pushed precious metal prices lower. According to data from the Dubai Jewellery Group, the 24K gold variant dropped by Dh1 per gram, settling at Dh325.5 per gram. Meanwhile, the 22K, 21K, and 18K variants also saw reductions, opening at Dh301.25, Dh291.75, and Dh250.0 per gram, respectively.
On a global scale, spot gold remained steady at $2,685.9 per ounce. However, it dipped below $2,700 on Thursday evening following a three-day rally, primarily due to profit-taking. By 8 pm UAE time on Thursday, spot gold had lost 1.4 per cent, trading at $2,680.60 per ounce.
The World Gold Council reports that the yellow metal is on track for its strongest annual performance in over a decade, with a 28 per cent increase through November. Central bank and investor purchases have largely counteracted a significant slowdown in consumer demand. Looking ahead, the focus is on the implications of Trump’s second term for the global economy. While current forecasts for GDP, yields, and inflation suggest modest growth for gold in 2025, potential benefits could arise from lower interest rates, increased volatility, or sustained high levels of central bank gold purchases. Conversely, higher interest rates or a decline in consumer demand for gold could pose challenges.
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