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Gold prices drop in Dubai as precious metal slips below $2,500 per ounce

The metal's short-term fate will be determined by the Fed's monetary policy outlook, a senior market analyst said

Published: Mon 2 Sep 2024, 9:24 AM

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KT File Photo: Shihab

KT File Photo: Shihab

Gold prices fell Dh1 per gram in Dubai at the opening of the markets on the first trading day of the week as yellow metal fell below $2,500 per ounce.

At 9 am, the 24K variant opened at Dh302.25 per gram, down from Dh303.25 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened at Dh280.0, Dh271.0 and Dh232.25 per gram, respectively.

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Globally, gold was trading at $2,496.83 per ounce, down 0.24 per cent at 9.08am.

Nick Cawley, senior strategist at dailyFX, said he typically takes a contrarian view to crowd sentiment, and the fact traders are net-long suggests gold prices may continue to fall.

Alex Kuptsikevich, senior market analyst at the FxPro, said: “If we take a look beyond the charts, gold's short-term fate will be determined by the Fed's monetary policy outlook: how much it will cut interest rates before the end of the year. The monthly employment report on September 6th and the CPI on the 11th will help clarify the answer.”

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