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Gold prices dropped in Dubai in early trade on the first trading day of the week after strong gains last week.
In the UAE, the 24K variant of the yellow metal was trading at Dh288.75 per gram at 9 am, down from Dh289.25 at the close of the markets on the weekend. Among the other variants, 22K, 21K and 18K opened lower at Dh267.25, Dh258.75 and Dh221.75 per gram, respectively.
The yellow metal rose nearly Dh4 per gram in the last two trading days of the last week. Globally, gold was steady in the early morning, trading at $2,384.69 per ounce.
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“We’ve seen some selling of gold in early Asia trade today, but after a solid 2.8 per cent rally last week, the gold bulls really needed follow-through selling in the USD to push the price into $2,400,” said Chris Weston, head of research at Pepperston.
“The tailwinds do suggest pullbacks on the day should be limited to $2,365, but with Jay Powell testifying to the House on Tuesday and US core CPI on Thursday, gold traders do need to navigate some big event risk this week.”
The primary driver of the gold upside has been the buying seen in the US bond market, with US 2-year Treasury yields declining 15 basis points on the week into 4.60 per cent and smashing through the 4.85 per cent to 4.65 per cent range it held off late since mid-June.
“We can add in the idea that gold may start to get additional love, should we see evidence that the Republicans could surprise current expectations and take the House, which would give them the ability to extend the 2017 Tax Cut and Job Act in 2025, which along with other measures could see the US fiscal deficit increase by a further $1.5 trillion-plus - again, a factor which could take time to play out. Also, Freeport McMoran cutting gold production guidance has been a bullish factor, in what is already a tight market,” added Weston.
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