Gold prices in Dubai witnessed a significant rally on Tuesday, with 18K gold inching closer to Dh400 per gram, driven by sustained market momentum. According to data from the Dubai Jewellery Group, 24K gold opened at Dh523.25 per gram, up from Dh521.75 per gram at Monday’s market close. Similarly, 22K, 21K, and 18K gold opened higher at Dh484.5, Dh464.75, and Dh398.25 per gram, respectively. Spot gold, however, experienced a slight dip, trading at $4,332.52 per ounce, down 0.23% at 9:15 AM UAE time. Dilin Wu, a research strategist at Pepperstone, noted that gold bulls faced significant resistance over the past week due to heightened market volatility. She attributed recent price swings to rapid developments in US-China trade tensions and global geopolitical events. Wu emphasized that the market’s anticipation of US Federal Reserve interest rate cuts and substantial ETF holdings continue to provide medium- to long-term support for gold. Traders are now focusing on upcoming US CPI data and corporate earnings releases, which could exert short-term pressure on gold prices. Intraday prices reached a record high of $4,379 but faced heavy selling during European and US trading hours, briefly dropping below $4,200. Despite this, gold posted a 5.7% weekly gain, marking its tenth consecutive weekly advance. Wu highlighted that a close above $4,300 this week could confirm a new upward momentum phase.