United Arab Emirates: Gold prices fall slightly in Dubai but remain high – News
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Photo: Reuters archive
Gold prices fell slightly in the United Arab Emirates on Wednesday morning, but the 24-carat variant of the precious metal was still holding at the Dh250 level as markets opened.
According to data from Dubai Jewelery Group, the 24 thousand note fell 0.25 dirhams to 250.0 dirhams per gram, while the 22 thousand, 21 thousand and 18 thousand notes opened at 231.5, 224.0 and 192, 0 dirhams per gram, respectively, on Wednesday.
Spot gold rose 0.21 per cent to $2,063.98 an ounce, at 9:15 am UAE time. Prices retreated moderately on Tuesday, succumbing to rising rates and the impressive resurgence of the US dollar, which rose sharply after a poor performance last month.
Diego Colman, contributing strategist at dailyFX, said the yellow metal trended lower on Tuesday, declining for the third consecutive session after prices failed to overcome key resistance in the $2,075 to $2,085 region.
“If the precious metal extends its decline in the coming days, support appears between $2,050 and $2,045. The bulls must defend this bottom tooth and nail; Failure to do so could see it wobble towards $2,010, near the 50-day simple moving average,” Colman said.
He added that previous attempts to break this limit were unsuccessful, “so history could repeat itself in a new test, but in the event of a sustained breakout, the all-time high of $2,150 would be in play again.”
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