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UAE: Gold prices dip after jumping Dh2.5 per gram in previous session

Spot gold was steady in the early morning, trading at $2,353.03 per ounce

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KT Photo: Shihab
by

Waheed Abbas

Published: Tue 28 May 2024, 9:30 AM

Gold prices in the UAE dipped at the opening of the markets on Tuesday, after gaining Dh2.5 per gram on Monday.

The 24K variant of the yellow metal was trading at Dh284.75 per gram on Tuesday morning, slightly down from Dh285.0 per gram at the close of the markets on Monday. While 22K, 21K and 18K were trading at Dh263.5, Dh255.0 and Dh218.75 per gram, respectively.

Spot gold was steady in the early morning, trading at $2,353.03 per ounce as the focus turned to inflation data.

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Saxo Bank said the yellow metal surpassed $2,350 per ounce, rebounding from the previous session's two-week low of $2,330. “These gains were supported by safe-haven demand as markets continued to evaluate the US Federal Reserve’s policy outlook, with both metals set to maintain significant gains for May,” it said in a daily report.

Diego Colman, a contributing strategist at dailyFX, said the precious metal’s near-term outlook is neutral to slightly bearish.

“We will need to reassess this view late in the upcoming week when fresh core personal consumption expenditures price data, the Fed's preferred inflation measure, is released. Consensus estimates indicate that the underlying PCE deflator advanced 0.3 per cent in April, bringing the annual reading down to 2.7 per cent from 2.8 per cent previously, a small step in the right direction and welcome news for policymakers,” he said.

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Waheed Abbas

Published: Tue 28 May 2024, 9:30 AM

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