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Time to buy? UAE gold prices tumble, trading close to a 1-month low

At the opening of the markets on Thursday, 24K was trading at Dh232.0 per gram

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by

Waheed Abbas

Published: Thu 10 Aug 2023, 9:29 AM

Last updated: Thu 12 Oct 2023, 4:07 PM

Gold prices fell in the UAE on Thursday morning and were trading close to a one-month low.

The Dubai Jewellery Group data showed 24K trading at Dh232.0 per gram at the opening of the markets on Thursday as compared to last night’s close of Dh232.75 per gram. The other variants of the precious metals also opened lower. At 9 am UAE time, 22K, 21K and 18K were trading at Dh214.75, Dh208.0 and Dh178.25 per gram, respectively. Spot gold was steady at $1,917 per ounce by 9.15 am UAE time

Warren Venketas, an analyst at dailyFX, said the yellow metal has been negatively influenced by the recent uptick in risk aversion as tensions between Russia and Ukraine escalate, while the recent US ratings downgrade followed a similar trend.

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“One would naturally expect the yellow metal to find some support as a traditional safe haven asset class but this is yet to develop. Looking back at the prior downgrade, gold managed to benefit and this could be a lagged consequence under current circumstances; however, gold could be in for an upside rally,” he said.

Naeem Aslam, chief investment officer, Zaye Capital, said it seems like the gold price is mostly out of luck.

“Having said this, from a technical price point, the price has started to look a bit oversold now,” he said.

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Waheed Abbas

Published: Thu 10 Aug 2023, 9:29 AM

Last updated: Thu 12 Oct 2023, 4:07 PM

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