Dubai: Gold Prices Continue to Climb, 22K Trades Above Dh302 per Gram

Gold prices have maintained an upward trajectory in Dubai, with 22K gold trading above Dh302 per gram on Thursday morning. The Dubai Jewellery Group’s data indicated that both 24K and 22K gold saw a rise of Dh0.50 per gram, reaching Dh326.75 and Dh302.50, respectively, by 9 AM UAE time. Other gold variants, such as 21K and 18K, also saw increases, trading at Dh292.75 and Dh251 per gram, respectively.

Globally, gold has continued its rise, trading just below $2,700 per ounce at $2,696.91, marking the highest level in over a month. This surge follows the release of softer U.S. core inflation data, which boosted expectations of potential interest rate cuts by the U.S. Federal Reserve.

However, some analysts, including Hani Abuagla, senior market analyst at XTB Mena, suggest that the ceasefire deal between Israel and Hamas could have capped gains on January 15. He notes that the price of gold remains heavily influenced by the U.S. dollar and Treasury yields, with concerns about inflation risks due to President-elect Donald Trump’s proposed tariffs potentially adding complexity to the Federal Reserve’s decisions.

Despite short-term pressures, the overall outlook for gold remains favorable, as geopolitical uncertainties and steady central bank demand continue to support the precious metal’s appeal.