Gold prices remained stable at the Dubai market open on Wednesday.
According to data from Dubai Jewellery Group, the 24K variant of the yellow metal was trading at Dh282.75 as of 9am UAE time. 22K, Dh261.75. 21K, Dh253.5 and 18K, Dh217.25 per gram, unchanged from last night’s close.
Globally, gold was trading at $2,334.57 per ounce, up 0.18%, as of 9:10am UAE time.
Gold has performed very well in 2024, rising 12% in the first half of the year. So far, it has benefited from continued central bank purchases, investment inflows from Asia, stable consumer demand and ongoing geopolitical uncertainty.
Gold price by GoldBroker.com
Looking ahead to the second half of 2024, a key question for investors is whether gold price momentum can continue or fizzle out.
“With a few exceptions, global economies are showing fluctuating growth indicators amid a backdrop of declining but still uncomfortable inflation, calls for lower interest rates, and market outlooks that are not all that dissimilar.
Our analysis suggests that today’s gold price broadly reflects consensus expectations. But things rarely go according to plan. “And the global economy and gold appear to be waiting for a catalyst,” the World Gold Council said in its latest report.
“We believe the catalyst for gold prices could come from lower interest rates in developed markets that will attract Western investment flows, as well as continued support from global investors in the wake of weak equity markets and ongoing geopolitical tensions, which are at risk of exacerbating the risk of inflation worsening,” it said.