Dubai: As global markets responded to indications of progress in US-China trade talks, gold prices stayed stable this week, reversing earlier falls. Bullion stayed strong, trading close to $3,330 per ounce internationally, despite investors usually withdrawing from safe-haven assets like gold during periods of geopolitical quiet.
A preliminary deal to reduce trade tensions was reached during the first round of talks between the US and China in London. While this would typically indicate a decline in demand for gold, the absence of a significant decline indicates that investors remain cautious as they await further information regarding the trajectory of the world economy.
Key macroeconomic factors supporting this upward trend include increased inflation fears, expanding global debt, and strong central bank demand, especially from developing economies like China, which is continuing to diversify away from US-denominated assets.
Dubai’s retailers claim a consistent flow of both local and foreign customers. While some buyers are taking advantage of the present prices, others are holding out to see whether gold falls closer to the Dh360–Dh365 per gramme region, which is the best place for long-term investors to start investing.
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