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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%

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by

Waheed Abbas

Published: Mon 6 Jan 2025, 9:59 AM

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.

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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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Waheed Abbas

Published: Mon 6 Jan 2025, 9:59 AM

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