UAE: Gold prices surpass Dh250 per gram in Dubai – News
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Photo: KT file
Gold prices surpassed Dh250 per gram in the United Arab Emirates on Wednesday morning, as the yellow metal continued to trade above $2,060 an ounce on a weaker dollar and expectations of rate cuts. interest from the United States Federal Reserve.
Data from Dubai Jewelery Group showed 24,000 transactions at Dh250.25 per gram as markets opened on Wednesday, compared to Dh249.5 per gram when markets closed on Tuesday. Among the other variants, 22,000 was trading higher at Dh231.75 per gram, 21,000 at Dh224.25 and 18,000 at Dh192.25.
Globally, spot gold was stable at $2,065.9 an ounce at 9:28 am UAE time.
[Editor’s Note: For real-time gold rates, click on the widget below or visit Khaleej Times’ dedicated Trading News page here.]
Most analysts expect the U.S. central bank to cut interest rates by 50 to 100 basis points next year as inflation moves closer to its two percent target.
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Diego Colman, contributing strategist at dailyFX, said support appears at $2,050, followed by $2,010.
“The bulls must defend this floor tooth and nail; Failure to do so could reignite bearish momentum, setting the stage for a drop towards $1,990. If further weakness occurs, the focus is on $1,975,” Colman said.
But if buyers, he added, manage to push prices above $2,070-$75, then the bullish momentum could gain momentum, which could prompt the yellow metal to start consolidating above $2,100. “Continued strength could pave the way for a retest of the all-time high of $2,150,” he added.
Analysts expect precious metal prices to remain above $2,000 an ounce next year due to economic, political and geopolitical risks around the world.
In 2023, the gold market experienced a turbulent ride, reaching unprecedented heights above $2,100 before experiencing a decline and stabilizing around the $2,050 level.
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