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United Arab Emirates: Gold prices fall by half a dirham in Dubai in early trading – News

Published: Wednesday, January 31, 2024, 09:21

Last update: Wednesday, January 31, 2024, 09:37

Gold prices fell by half a dirham per gram in the United Arab Emirates on Wednesday morning.

According to data from Dubai Jewelery Group, 24K was trading lower at Dh246.25 per gram at the opening of markets on Wednesday, compared to last night’s close of Dh246.75 per gram. Among the other variants of the yellow metal, 22K opened lower at Dh228.0, 21K at Dh220.75 and 18K at Dh189.25 per gram.

Globally, spot gold was down 0.11 per cent at $2,034.32 per ounce at 9.05 am UAE time, after hitting a two-week high of $2,048.12 on Tuesday. overnight, supported by a weaker dollar and lower Treasury yields as attention turned to the Federal Reserve policy meeting. for information on how soon it will cut interest rates this year.

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Prices of the yellow metal headed for their first monthly decline in four months on Wednesday as investors tempered bets on quick, deep U.S. rate cuts due to a resilient economy, and also awaited comments from the Federal Reserve. which will be published later that same day.

Alex Kuptsikevich, senior market analyst at FxPro, said gold has been in a downtrend since the beginning of the year, although it typically starts the year strong.

“In years where we see early weakness in the first few weeks, the pressure soon increases. And we hope that this trend will manifest itself this week.

The price of a troy ounce could correct up to $1,960, approaching the 200-day moving average, where the battle for the trend will likely intensify. If the bullish scenario comes true, a move above $2,050 later this week will significantly increase the chances of gold testing its all-time highs in the coming weeks,” he said.

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