On Thursday morning, when worldwide profit-taking drove prices down, gold prices in the UAE decreased by roughly Dh1 per gram.
WORLD CAPITALS, 22nd April, 2024- Gold prices dipped, with spot gold falling 0.9% to $2,369.97 per ounce as of 0451 GMT, Reuters reported.
The US gold futures fell 1.2% to $2,383.80.
As the day advanced, spot gold remained stable at $2,317.41 per ounce, despite the fact that it had spent the most of the day in the negative region.
The UAE market started down for 24K, 21K, and 18K at Dh259.5, Dh251.25, and Dh215.25 per gram, respectively, while 22K was trading at Dh280.25 per gram.
The indicators suggest that the ongoing downward correction may continue. The persistence below the pivotal support-turned-resistance level at $2,325 reinforces the likelihood of a resumption in the downward corrective trend. Targets for this downtrend lie at $2,300 and $2,260, serving as crucial waypoints.
“Gold prices have recently found strong support around the $2,290 mark, leading to a notable rebound propelled by the weakening US dollar, which followed the release of adverse economic data”, Mohamed Hashad, chief market strategist, Noor Capital said.
Yellow metal is facing “negative pressure” from the simple moving averages and corroborating bearish signals, He added.
In recent days, the UAE Gold prices has been about 22K, or Dh268 per gram. A rate that is very attractive for consumers to participate in. Visitors visiting the UAE have been the primary purchasers as of late, perhaps due to the widespread belief that any price differential between their home country and the UAE makes a purchase worthwhile.
“More so because gold sales during this month’s Eid was just a small percentage of what it has usually been in past years. Shoppers found gold prices to be way above what they were comfortable with”, Analyst said.
Dubai has opened a webpage where anybody can report financial crimes in an effort to curb the city’s alarmingly high crime rate.
