Dubai: Gold Prices Decline After Recent Gains
Gold prices in Dubai experienced a drop in early trading on Friday, as profit-taking led to a decrease in the prices of the precious metal globally.
According to data from the Dubai Jewellery Group, the price of 24K gold fell by Dh1 per gram to reach Dh325.5 per gram. Meanwhile, the prices for 22K, 21K, and 18K gold also opened lower, at Dh301.25, Dh291.75, and Dh250.0 per gram, respectively.
On the global stage, spot gold remained steady at $2,685.9 per ounce but dipped below $2,700 on Thursday evening due to profit-taking following a three-day rally.
Spot gold lost 1.4% to settle at $2,680.60 per ounce at 8 PM UAE time on Thursday, largely attributed to profit-taking activities.
The World Gold Council notes that gold is on track for its most impressive yearly performance in over a decade, showing a 28% increase through November. This surge can be attributed to central bank and investor purchases, which have outweighed a significant slowdown in consumer demand.
As we look ahead, the focus remains on the potential economic implications of Trump’s second term. Current projections for GDP, yields, and inflation indicate positive yet more tempered growth for gold in 2025. Potential upside could arise from significantly lower interest rates, increased volatility, or sustained high demand from central banks. Conversely, enduring high rates or a decline in consumer demand for gold could pose challenges,” stated the World Gold Council.
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