Gold prices held steady in early trade on Thursday, with 24K gold hovering close to Dh610 per gram as markets opened in Dubai.
At 9am UAE time, 24K gold was trading at Dh610.75 per gram, slightly higher than the previous night’s close. Other variants also remained firm, with 22K at Dh565.5, 21K at Dh542.25, 18K at Dh464.75, and 14K at Dh362.5 per gram.
Globally, spot gold was trading at $5,077.55 per ounce at around 9.10am UAE time, largely unchanged as the US dollar strengthened.
The rise in the US dollar index followed a stronger-than-expected US employment report, reinforcing confidence in the resilience of the American economy. A firmer dollar typically makes gold — which is priced in dollars — more expensive for holders of other currencies, limiting upward momentum in bullion prices.
Despite price stability, high gold rates continue to impact jewelry demand in the UAE and other major markets. Dubai-based jewelers report that consumers are increasingly going for lighter pieces and diamond-studded jewelry to manage costs amid record-high prices.
Earlier this month, UAE residents rushed to sell gold when prices briefly dropped nearly five per cent in a short span, triggering panic selling. However, the market has since bounced back strongly, with 24K gold now trading comfortably above the Dh600-per-gram mark.
Market analysts say currency movements will remain a key driver. Vija Valecha, Chief Investment Officer at Century Financial, noted that the EUR/USD pair remains well supported above its short-term moving average levels on daily and weekly charts, indicating a stable market structure.
Investors are now closely watching further US economic data and Federal Reserve signals for clues on where gold prices head next.
