UAE: Gold prices drop in Dubai, stay above Dh300 per gram

Globally, the yellow metal was trading at $2,513.59 per ounce, down 0.23 per cent at 9.07am UAE time

Waheed Abbas

Published: Fri 30 Aug 2024, 9:27 AM

Gold prices fell at the opening of the markets in Dubai on Friday.

At 9am UAE time, the 24K was trading at Dh304.25 per gram, down from Dh304.75 at the close of the markets on Thursday.

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Among the other variants, 22K opened lower at Dh281.75, 21K at Dh272.75 and 18K at Dh233.75 per gram.

Globally, gold was trading at $2,513.59 per ounce, down 0.23 per cent at 9.07am UAE time.

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Vijay Valecha, chief investment officer at Century Financial, said from a technical perspective, gold has been managing to stay above the $2,500 level, maintaining the potential for an upside breakout from a rising wedge pattern, which suggests bullish momentum could continue.

“However, gold is currently consolidating within the range of $2,530 to $2,503. Looking ahead, if gold falls below the $2,500 level, it could face bearish pressure, with support at $2,485.63. On the upside, resistance remains at the $2,530 level,” he said.

Michael Brown, senior research strategist at Pepperstone, said spot gold has been rather rangebound of late, spending much of the week consolidating north of the $2,500 per ounce handle, finding solid buying interest upon several re-tests of that figure.

“The relatively subdued conditions speak to the quiet nature of this week's data docket, which has been lacking in top-tier macro releases, and continues to do so until the August US employment report, due next Friday."

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