Gold prices were steady in Dubai and the UAE on Friday morning.
The 24K gold price was trading at Dh526.75 per gram, while 22K was trading at Dh487.25 per gram at the market opening on Friday, according to Dubai Jewellery Group data.
Among the other variants of the yellow metal, 21K, 18K and 14K were trading at Dh467.25, Dh400.5 and Dh312.5 per gram, respectively.
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Spot gold was steady at $4,366 an ounce. Silver gained 0.8 per cent to $66.12 an ounce.
Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said that while the Federal Reserve’s decision was widely priced in by investors, Chair Kevin Warsh’s remarks that inflation remains too high, with forecasts pointing to at least one more increase this year, weighed on gold.
“Looking ahead, traders will likely monitor potential rate increases by major central banks and any additional Fed signals this year. Any hawkish indications could lift yields and pressure gold. Softer messaging may ease yields and help gold rebound. Traders are also watching oil and Middle East supply disruptions, which remain near-term risks,” he added.
Naeem Aslam, CIO of Zaye Capital Markets, said the broader gold-price ecosystem remains dependent on which side of that conflict strengthens.
“Political uncertainty, tariff risk, elevated oil prices and geopolitical tensions can sustain demand for portfolio protection, while weaker economic data can increase expectations that policy tightening is nearing its limit… For investors following gold prices, the most important indicators are US real Treasury yields, the dollar, oil prices, retail-sales momentum, inflation expectations and the forward policy path,” he added.
Source: Khaleej Times