Dubai: Gold prices slip Dh1 per gram at opening of markets on first trading day
Gold prices slipped Dh1 per gram at the opening of the markets on the first trading day of the week in Dubai.
The Dubai Jewellery Group data showed 24K trading at Dh389.0 per gram on Monday morning, down from Dh390 per gram over the weekend.
Among the other variants of the yellow metal, 22K slipped to Dh360.25, 21K to Dh345.25 and 18K to Dh296.0 per gram.
Globally, gold was trading at $3,226.63 per ounce, down 0.36 per cent at 9.05 am UAE time. It reached an all-time high of $3,245.28 per ounce on April 11.
Investors have turned to buying gold on the decline. Over the two sessions, the largest physical gold exchange-traded fund, SPDR Gold Trust (GLD), recorded net positive inflows of more than $2.36 billion, a pace not seen since last February.
Samer Hasn, senior market analyst at xs.com, said gold's gains came amid the accelerating escalation of the trade war and growing uncertainty about its future course. These follow conflicting decisions on tariffs and doubts surrounding US President Donald Trump's strategy, in addition to existing concerns about the consequences of this war on the American and global economy.
'The trade war has reached the point where China responded by raising tariffs on imports from the United States. This mutual escalation further weakens hopes for a diplomatic settlement to the conflict. Donald Trump's 90-day tariff waiver on countries worldwide failed to calm market fears for long, as the trade dispute with China accelerated,' said Hasn.
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