Dubai: Gold prices dip in early trade

Globally, spot gold was trading at $2,626.32 per ounce, up 0.12 per cent

Waheed Abbas

Published: Mon 23 Dec 2024, 9:28 AM

Last updated: Mon 23 Dec 2024, 9:35 AM

Gold prices dropped at the opening of the markets on the first trading day of this week.

At 9am UAE time, the 24K variant slipped to Dh318 per gram, down from Dh318.25 per gram at the close of the markets over the weekend. While 22K was steady at Dh294.5 per gram, 21K and 18K dipped to Dh285 and Dh244.25 per gram, respectively.

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Globally, spot gold was trading at $2,626.32 per ounce, up 0.12 per cent.

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Chris Weston, head of research at Pepperstone, said gold bulls would have been frustrated at the rejection of the November 25 highs and the reversal lower off $2,726 - but as the new trading week cranks up, calmer conditions are currently seen in trade.

He added that gold traders are holding back on putting on new positioning.

“Gold’s relationship with the US dollar and US Treasuries has wavered throughout 2024, but when yields rip higher as they did recently, it is often too much for gold players to ignore, and the need to cut back on long positioning increases greatly,” he said.

Rania Gule, senior market analyst at XS.com, added that gold is experiencing mixed market movements, drawing relative support from the weakening US dollar and declining US Treasury yields.

“Despite being under selling pressure from last week’s market activity, investors are closely monitoring developments in monetary policy and geopolitical conditions, both of which play a crucial role in shaping gold’s future direction,” she added.

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