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Dubai: Gold prices slip in early trade on Monday

Spot gold was trading at $2,633.5 per ounce, down 0.27%

Published: Mon 6 Jan 2025, 9:59 AM

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

The Dubai Jewellery Group data showed 24-carat and 22-carat opening at Dh319.25 and Dh295.5 per gram on Monday, down from Dh320.0 and Dh296.5 per gram at the close of the markets on the weekend, respectively.

Among the other variants, the 21-carat and 18-carat opened lower at Dh286.0 and Dh245.25 per gram, respectively.

Spot gold was trading at $2,633.5 per ounce, down 0.27 per cent in early trade.

Alex Kuptsikevich, chief market analyst at FxPro, said the direction of gold depends heavily on the trade war.

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“The further distancing of production chains signals global speculators to step up their gold buying in anticipation of China and other emerging markets favouring gold over dollar-denominated bonds. As with tariff uncertainty, the technical picture offers arguments for both bulls and bears,” he said.

Gold tested its 50-day moving average in the first trading session of the new year. A dip below it in November broke the uptrend and sent gold into a consolidation phase after a 12-month rally of more than 50 per cent.

“Breaking through the historic highs above $2,800 in the next few months will signal the start of growth towards the $3,400 area. The cancellation of this scenario will be a failure below $2,550. But even then, there is a chance that we will see a transition to a classic correction rather than a long-term reversal,” he added.

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