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UAE: Time to buy gold? Precious metal prices hit 7-month low

Globally, spot gold was down 0.3 per cent to $1,842.34 per ounce

Published: Mon 2 Oct 2023, 10:12 AM

Updated: Wed 4 Oct 2023, 9:34 AM

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Photo: AFP

Photo: AFP

Gold prices continued their downward trend on the first trading day of the week, falling half-a-dirham per gram to a 7-month low at the opening of the markets on Monday.

The Dubai Jewellery Group data showed 24K trading at Dh223.25 per gram on Monday morning as compared to last week’s close of Dh223.75. While 22K, 21K and 18K also opened lower at Dh206.75, Dh200.0 and Dh171.5 per gram, respectively, at 9 am local time.

Globally, spot gold was down 0.3 per cent to $1,842.34 per ounce by 9.45 am UAE time, with traders digesting a key US inflation report as they positioned for a slew of job market data due this week.

Ipek Ozkardeskaya, senior analyst, Swissquote Bank, said gold feels like it's tied to a stone and thrown into the sea.

“The price of an ounce is now below $1,950. Oversold market conditions hint that we should soon see a pause and correction, but the US yields look appetizing and a potential fall in the yields would make the stocks appetizing leaving little room for gold to make a comeback, said Ozkardeskaya.

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