Gold prices in Dubai eased on Tuesday after a strong jump on Monday. Dubai gold prices have stayed in focus as traders watch global data. This shift comes amid caution before key US jobs and inflation reports later this week. Investors now seek clarity on economic direction.
Gold prices in Dubai eased on Tuesday after a strong jump on Monday. Dubai gold prices have stayed in focus as traders watch global data. This shift comes amid caution before key US jobs and inflation reports later this week. Investors now seek clarity on economic direction.
At 9 am UAE time, 24K gold traded at Dh606.5 per gram. This figure fell from Dh610.5 at Monday’s close. Traders said the market corrected after a rapid rise. Meanwhile, other gold types also slipped.
The 22K price stood at Dh561.5 per gram. The 21K rate reached Dh538.5 per gram. The 18K gold traded at Dh461.5 per gram. Meanwhile, 14K gold sold at Dh360.0 per gram. Overall, the market showed a mild pullback across the board.
Globally, gold traded at $5,028.68 per ounce. This price dropped 0.5 percent. Investors grew cautious ahead of major US data releases. Many traders now expect higher volatility in the coming days. They also noted that economic signals could affect rates.
On Monday, gold climbed close to last week’s highs. The rally came after a sharp correction earlier. Then, the market stabilized somewhat, but it still faces swings. Therefore, traders remain alert.
Analysts say structural support for gold remains strong. Central bank demand continues to support prices. In January, China’s central bank increased gold purchases for the fifteenth straight month. At the same time, gold-backed ETFs recorded steady inflows. This pattern suggests a bullish medium-term outlook.
Geopolitical risks also help gold’s case. Tensions between Russia and Ukraine remain elevated. However, the Middle East saw some relief after US-Iran talks. This eased fears of immediate military escalation. Still, the baseline risk remains high.
Furthermore, Japan’s political outcome could affect gold. The decisive victory of the new prime minister strengthened expectations of looser fiscal policy. That may increase long-term gold demand. As a result, traders may keep buying the metal.
Overall, Dubai gold prices appear to stay supported. Yet, short-term swings may continue. Investors will watch US data and geopolitical developments closely.
