ABU DHABI, March 6 (Xinhua) -- Gold prices in Dubai rebounded in early trading Friday, recovering part of the sharp losses recorded a day earlier as volatility persisted amid the ongoing conflict in the Middle East.
The price of 24-karat gold rose by more than 6 dirhams per gram to 618 dirhams (168 U.S. dollars) in morning trade, up from 611.50 dirhams (166 dollars) at Thursday's close.
In international markets, spot gold rose nearly 1 percent to about 5,119.96 dollars per ounce, while silver gained 2.44 percent to 83.83 dollars per ounce.
Analysts said the recent surge in oil prices has renewed inflation concerns, adding to volatility in precious metals. Vijay Valecha, chief investment officer at Century Financial, said persistently high U.S. inflation and a stronger dollar remain key headwinds for gold as long as the regional conflict continues.
Exchange-traded funds were net sellers of gold, cutting holdings by 100,293 troy ounces. Even so, net purchases for the year remained at about 1.82 million ounces. ■
