After years of practicing in Al Ain, Yas Marina Circuit and Dubai Autodrome, Al Jaeedi decided to take another hobby into action
uae15 hours ago
Gold prices slipped in Dubai in early trade on the first trading day of the week after reaching a record high last week, shrugging off geopolitical tension in the Middle East region.
At 9 am UAE, the 24K variant of the yellow metal was selling for Dh321.5 per gram, down half a dirham per gram from last week’s close.
The yellow metal hit an all-time high of Dh323 per gram last week due to geopolitical tension in the Middle East between Israel and Hamas. Analysts expect yellow metal will continue to trade at current high levels due to tension in the region, expectations of further interest rate cuts by the US Federal Reserve and buying by the central banks.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Among the other variants, 22K, 21K and 18K opened lower at Dh297.75, Dh288.25 and Dh247.0 per gram, respectively, in Dubai on Monday.
Globally, spot gold was trading at $2,656.27 per ounce, down 0.29 per cent at 9.05 am UAE time.
Alex Kuptsikevich, senior market analyst at the FxPro, said gold has hit all-time highs on each of the last six trading days.
“Thursday's touch of $2,685 followed the strongest selling momentum since September 18, when initial profit-taking expanded following the release of strong GDP growth estimates. Short-term intraday profit-taking is both fuel for further gains and a sign of uncertainty at this stage of the market. Technically, gold has already crossed above the 161.8 per cent level of the two-year rally since August 2018. When the price has moved so far into the area of historical highs, it becomes more difficult to find new upside targets,” said Kuptsikevich.
He said more attention is now being paid to looking for signs of overbought conditions.
“Gold's strong rally over the past three weeks is the most dangerous part of the trend for short-term sell-side traders who get involved in selling without reliable signals,” said Kuptsikevich.
ALSO READ:
After years of practicing in Al Ain, Yas Marina Circuit and Dubai Autodrome, Al Jaeedi decided to take another hobby into action
uae15 hours ago
Annual educational fees total Dh40,000, with additional Dh40,000 for therapy services, varying based on individual needs
uae16 hours ago
The exhibition, titled Eternal Letters: Qur’an Manuscripts from the Abdul Rahman Al Owais Collection, spans over 1,300 years of history
uae17 hours ago
Students have expressed their love for the milk’s taste, with many noting that their families also purchase it for home use
uae17 hours ago
People across the country can watch it live on December 2 on local TV channels, cinemas and selected public areas
uae20 hours ago
The tremors were not felt by UAE residents despite the country's close proximity to Iran
uae23 hours ago
He was a founding member of the Dubai chapter of The Institute of Chartered Accountants of India and once served as general manager of Khaleej Times
uae1 day ago
No casualties were reported by authorities in Aurora province, but thousands of homes were damaged, and heavy losses were sustained
uae1 day ago