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UAE: Gold prices recover, jump Dh1 per gram in Dubai
Gold settled about 0.3 per cent higher, reporting its best day in more than two weeks after five consecutive sessions of losses
Gold prices jumped in the UAE by Dh1 per gram at the opening of the markets on Tuesday.
According to Dubai Jewellery Group data, the 24K variant of the precious metal was trading at Dh229.5 per gram, up from Dh228.5 at the close of the markets on Monday. Similarly, 22K, 21K and 18K also opened higher at Dh212.5, Dh205.75 and Dh176.25 per gram, respectively, at 9am UAE time.
Gold on Monday settled about 0.3 per cent higher, reporting its best day in more than two weeks after five consecutive sessions of losses.
Spot gold held its ground at $1,889.52 per ounce by 9.30am UAE time.
The yellow metal ended the fourth consecutive week of losses last Friday and is down by over three per cent this month so far.
“That marks the worst performance since February. In response, retail traders have become increasingly bullish gold,” said Daniel Dubrovsky, contributing senior strategist, dailyFX.
He said the IG Client Sentiment (IGCS) gauge showed that about 81 per cent of retail traders are net-long gold. “Since most of them are biased to the upside, this hints that prices may continue to fall. This is as upside exposure increased by 4.02 per cent and 6.91 per cent compared to yesterday and last week, respectively. With that in mind, this offers a stronger bearish contrarian trading bias for gold,” he added.
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