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UAE: Gold prices jump Dh2 per gram, hitting nearly 3-week high

Analysts say yellow metal could rise to $1,948 after it surpassed a resistance level of $1,936 per ounce

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Waheed Abbas

Published: Wed 30 Aug 2023, 9:34 AM

Gold prices jumped in the UAE on Wednesday morning, reaching a new three-week high after yellow metal prices rose globally as investors pared back bets of further US interest rate hikes.

The 24K gold price rose Dh2 per gram at the opening of the markets to trade at Dh234.50. Its variants 22K, 21K and 18K also opened higher at Dh217.25, Dh210.25 and Dh180.25 per gram, respectively, at 9am UAE time.

Spot gold was trading at $1,936.48 per ounce at 9.10am local time.

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[Editor's Note: For real-time gold rates, click the widget below or visit KT's dedicated Trading News page here.]

Wang Tao, technical analyst at Reuters, said the yellow metal could rise to $1,948 an ounce after it has surpassed a resistance level of $1,936 per ounce.

Alex Kuptsikevich, senior market analyst at FxPro, said the rally in recent days has brought the price back above the long-moving average, but the short-moving average is effectively acting as resistance.

“The last time we saw this dynamic was in May last year, followed by five months of declines before a reversal to the upside. The situation could repeat itself this time around. At the end of last week, the rally slowed considerably,” he said.

It is worth noting that gold has temporarily returned to a direct correlation with the equity market. In contrast, in the spring of this year and last, it was the other way round: equity sell-offs were accompanied by frenzied gold buying, added Kuptsikevich.

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Waheed Abbas

Published: Wed 30 Aug 2023, 9:34 AM

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