Gold prices climb again in the UAE as traders react to new U.S. tariffs and a falling dollar. Global and local markets saw gold gain value as investors sought safety from growing trade tensions.
The U.S. introduced higher tariffs on Chinese goods, which led to concern among investors. This move caused the dollar to weaken, making gold cheaper for buyers using other currencies. As a result, many turned to gold, a traditional safe-haven asset.
In the UAE, gold prices saw a strong rise. The price of 24K gold opened at Dh363 per gram. Meanwhile, 22K gold traded at Dh336 per gram. Other types, such as 21K and 18K, started at Dh322.25 and Dh276.25 per gram, respectively. This local increase followed global market trends.
At the same time, global spot gold climbed 0.9 percent to $3,010.39 per ounce by 5:00 GMT. Earlier in the session, gold had already risen by 1 percent. U.S. gold futures also grew by 1.2 percent to reach $3,026.90 per ounce. These gains were supported by the drop in the dollar’s strength.
This is not the first time gold prices climb after financial changes. Whenever uncertainty strikes markets, gold prices climb as investors seek stability. Experts believe that ongoing fears of inflation and global recession will ensure that gold prices climb in the coming weeks.
The trade conflict between the U.S. and China continues to drive financial market shifts. Analysts suggest that unless tensions ease, gold demand may keep increasing.
