Gold is trading above $3,110 ahead of U.S. President Donald Trump’s implementation of new tariffs later today. The U.S. tariff policy has been favorable for gold, helping it set more than 15 records this year and achieve a nearly 19% increase year-to-date (YTD).
“This rally, resembling a strong performance seen in 1986, has been driven by consistent central bank buying, expectations of lower interest rates, and geopolitical tensions. Additionally, global holdings in bullion-backed exchange-traded funds (ETFs) have surged to their highest levels since September 2023,” shared Vijay Valecha, Chief Investment Officer, Century Financial.
Gold prices in UAE today
Gold prices in the UAE today are as follows: 24 Carat gold is priced at AED375.50, 22 Carat gold at AED347.75, 21 Carat gold at AED333.50, and 18 Carat gold at AED285.75.
On a related note, Richmond Federal Reserve President Thomas Barkin recently mentioned in an interview that the economic outlook is uncertain, making it challenging for policymakers to decide on interest rates. Valecha noted that this uncertainty could impact gold prices.
Meanwhile, investors are also awaiting several important US economic data reports, notably the Nonfarm Payrolls report on Friday.
On the technical front, the 4-hour chart shows gold trading below the 9-day Simple Moving Average (SMA). If it breaks below the current level, it could target the Fibonacci extension support at $3,090. On the upside, resistance is likely near the previous all-time high of $3,148.
