UAE: Dubai gold price rises slightly by Dh1 per gram – News

Shares fell more than 1% on Monday as investors scaled back safe-haven trades in favor of riskier assets

Gold prices edged higher in Dubai on Tuesday as the dollar weakened, although an improvement in risk appetite after regulators struggled to contain concerns about the global banking system limited the safe-haven metal’s appeal.

Spot gold was up 0.1% at $1,959.47 an ounce by 9:20 am UAE time.

In Dubai, the price of 24K gold rose by AED1 to AED237.0 per gram at the open on Tuesday. Meanwhile, 22K, 21K and 18K traded at Dh219.5, Dh212.5 and Dh182.0 per gram, respectively.

Gold fell more than 1% on Monday as investors scaled back their safe-haven trades in favor of riskier assets after First Citizens BancShares said it would take over deposits and loans from the failed Silicon Valley bank.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said some buyers are returning to the market after a sell-off over the past few days.

“The sell-off of the past few days has brought buyers back into the market, and gold traders know that the main event that will move the market will be the U.S. NFP (non-farm payrolls) data due next month.

That being said, traders are keeping a close eye on all U.S. economic data, and today’s U.S. consumer confidence data could bring higher volatility to the metal. Consumer confidence is expected to drop, which will force the Fed to stop raising rates,” Aslam said.