Dubai: Gold prices climb, but shopping deals can help cushion the blow
The Dubai Jewellery Group data showed 24K trading at Dh403.75 per gram at the opening of the markets on Thursday, up from Dh402.5 per gram at the close of the markets on Wednesday.
Among the other variants, 22K, 21K and 18K opened higher at Dh374, Dh358.25 and Dh307.25 per gram, respectively.
Globally, gold was trading at $3,353.78 per ounce, up 0.15 per cent.
Higher gold prices don't augur well for UAE residents planning to buy precious metal jewellery ahead of their travel during summer vacation, as this will dent their spending plans.
Gold jewellers in Dubai said smart shoppers can take advantage of good deals and schemes, such as reduced making charges announced by the retailers to offset the impact of high prices.
Michael Brown, senior research strategist at Pepperstone, said despite encountering some selling pressure towards the back end of last week, which saw the yellow metal end last Friday below its 50-day moving average for the first time since January, bullion has started to find its shine once again, reclaiming not only that level, but also the $3,300 per ounce mark.
'These gains have come as uncertainty on the trade front continues ahead of next week's deadline for the expiration of the pause on 'Liberation Day' tariffs,' he said.
'Of much more importance, albeit still on the political front, is the US President Donald Trump Admin's continued attacks on the Federal Reserve, not only Chair Jerome Powell, but also the entire Board of Governors, with Trump also indicating that his pick for the next Chair will be someone who wants to deliver rate cuts. This continued erosion of monetary policy independence is fuelling continued outflows from the greenback, and subsequent inflows into gold, as reserve allocators seek to diversify their portfolios to an increasing degree,' said Brown
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