Gold prices in Dubai started the day on a slightly downbeat note on Thursday, erasing some of Wednesday’s gains. The price of 24K gold, the most popular variety, opened at Dh280.0 per gram at 9 am UAE time, which is Dh1.75 lower compared to Wednesday’s closing price.
Other gold variants also saw a small dip. 22K gold was trading at Dh259.25 per gram, 21K at Dh251.0 per gram, and 18K at Dh215.0 per gram. This reflects a similar trend in global gold prices, which were down by 0.41% at $2,311.46 per ounce.
Experts offered differing views on the short-term direction of gold prices. Naeem Aslam, chief investment officer at Zaye Capital, believes Wednesday’s price increase was driven by positive US economic data. He expects future US data to continue supporting gold prices.
On the other hand, Daniel Takieddine, CEO of Mena at BDSwiss, suggests rising political uncertainty in Europe could push investors towards gold as a safe haven asset. He pointed to the recent decision by French President Emmanuel Macron to call snap elections, which has created jitters in the Eurozone’s second-largest economy.
Whether gold prices go up or down in the coming days will likely depend on a combination of factors, including upcoming US economic data and the evolution of the political situation in Europe.
