Globally, the precious metal was steady at $2,917.17 per ounce at 9.07am

Gold prices jumped Dh2 per gram at the market opening in Dubai on Tuesday as yellow metal traded above $2,910 per ounce. At 9am UAE time, 24K jumped to Dh351.5 per gram on Thursday, up from Dh349.5 per gram at the close of the markets on Wednesday.

Among the other variants, 22K, 21K and 18K opened higher at Dh327, Dh313.75 and Dh268.75 per gram, respectively. Globally, gold was steady at $2,917.17 per ounce at 9.07am UAE time.

Bas Kooijman, CEO and asset manager of DHF Capital SA, said gold prices continued to recover as investors sought safe-haven assets while they monitored global trade developments.

“US President Donald Trump’s newly imposed tariffs on goods from Mexico, Canada and China prompted swift retaliatory measures and fuelled growth concerns. Trade tensions could bolster gold’s appeal as a hedge against uncertainty. However, they could also lead to inflationary pressures, prompting the Federal Reserve to maintain a cautious stance and hold interest rates for an extended period, which could limit gold's rally,” said Kooijman.

Beyond trade, he said, geopolitical risks will also play a crucial role in shaping market sentiment. “Ongoing uncertainty surrounding the Russia-Ukraine conflict could fuel a risk-off sentiment among traders, which could sustain gold’s upward trajectory in the short term,” said CEO of DHF Capital.

Sources: Khaleej Times

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