The price of gold increased by more than Dh14 per gram from yesterday morning, but it remained stable on Wednesday morning. The price of 24K gold went down from last night’s close of Dh628.0 per gram to Dh627.25 per gram on Wednesday morning, according to data from the Dubai Jewellery Group. However, since Tuesday morning, it has increased by Dh14.25 per gram.
The precious metal’s other varieties, 22K, 21K, 18K, and 14K, were trading at Dh580.75, Dh557.0, Dh477.25, and Dh372.25 per gram, respectively. Silver was trading at $88.12 per ounce, down 1.38 percent, while spot gold was down 0.6% at $5,202.08 per ounce. Gold rose on Tuesday, according to Frank Walbaum, market analyst at Naga.com, even though prices remain within a wider consolidation range.
Following a decline in oil prices, the metal was supported by a weaker US dollar and fewer worries about inflation. When US President Donald Trump hinted that hostilities in the Middle East would soon end, markets responded. Any more escalation in the area, however, would drive up oil prices once again, rekindling worries about ongoing inflation, raising US Treasury yields, and negatively impacting gold prices. The market may therefore continue to be extremely sensitive to the events in the Middle East, he stated.
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