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UAE: Gold prices steady at the start of the week

In May, the rates climbed towards $2,450, above the peaks of April, but failed to consolidate near all-time highs

Published: Mon 10 Jun 2024, 9:39 AM

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KT photo: Shihab

KT photo: Shihab

Gold prices in UAE were steady on the first trading day of the week. According to Dubai Jewellery Group data, the 24K, 22K and 21K variants of the precious metal were trading at Dh277.75, Dh257.25 and Dh249.0 per gram, respectively, remaining unchanged from last week’s close.

Meanwhile, 18K opened slightly higher at Dh213.5 per gram on Monday than at Dh213.25 per gram at the end of last week.

Globally, gold was trading at $2,295.57 per ounce, down 0.14 per cent.

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In May, the gold price climbed towards $2,450, above the peaks of April, but failed to consolidate near all-time highs. During the last two weeks, the price has changed in the range of $2,330-2,360, with a slight downward trend, which can be seen on the daily candlestick charts.

Alex Kuptsikevich, senior market analyst at the FxPro, said gold volatility has fallen markedly in recent days as gold traders consider their next move, while many commodities are in a corrective decline.

“Right now, Gold has dropped to support in the form of the 50-day moving average, which is enjoying temporary interest from short-term buyers. The 50-day moving average has effectively acted as uptrend support since last October. It is easy to see the result of this support as the prices of other actively traded metals (silver, platinum, copper) have been steadily losing ground for the past week. But there is no guarantee that this will continue,” he said.

He added that further declines in prices for raw material assets may cause bulls in gold to capitulate.

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