Gold prices up in Dubai; some shops see low footfall amid high prices, summer break
The Dubai Jewellery Group data showed 24K trading at Dh404.75 per gram on Monday morning, up from Dh403.75 per gram at the close of the markets over the weekend.
Among the other variants, 22K, 21K and 18K opened higher at Dh374.75, Dh359.5 and Dh308.0 per gram, respectively. High precious metal prices and summer vacations have led to a decline in gold jewellery sales.
'Because of the high prices and people on leave, the footfall is low. Most of the customers are those who have subscribed to the loyalty schemes with us,' said a jeweller. Spot gold was trading at $3,359.86 per ounce, up 0.25 per cent.
Investors this week will be monitoring developments in US trade talks and the Federal Reserve's policy meeting scheduled for next week.
Milad Azar, market analyst at XTB Mena, said gold could continue to experience some volatility as safe-haven demand shifts with developments around US trade policy, central bank independence, and international geopolitical risks.
'Geopolitical tensions remain pronounced. The US is accelerating arms shipments to Ukraine amid intensified conflict with Russia. In the Middle East, instability persists, with renewed sectarian clashes in Syria and strikes in Gaza amplifying regional volatility. US President Donald Trump's recent announcement to notify over 150 countries of their tariff schedules reignited trade uncertainty. The resulting ambiguity tempers optimism and sustains a bid for defensive assets, such as gold. In addition, concerns around Federal Reserve independence could also drive investors toward gold,' he said.
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