UAE: Gold prices inch up in early trade in Dubai
Gold prices started the week on a higher note on Monday morning in the UAE and worldwide, supported by technical trading after the previous sessions’ steep drop and a pause in the dollar rally.
Spot gold was up 0.13 per cent at $1,649.8, at 9.20am UAE time.
In the UAE, the precious metal prices recovered half a dirham per gram at the opening of the markets on Monday.
The 24K gold price opened at Dh199.75 per gram on Monday as compared to its previous close of Dh199.25.
Among the other variants of the yellow metal, 22K was trading at Dh187.75 per gram, 21K at Dh179.0 and 18K at Dh153.5 in Dubai.
Dubrovsky, a strategist at dailyFX, said gold prices fell about 3 per cent last week.
Edwar Moya, a senior market analyst at Oanda, said gold is back in the danger zone as it is dangerously approaching the September lows.
“If gold breaks below the $1,620 level, bearish momentum could target a run towards the psychological $1,600 level,” he said.
Naeem Aslam, chief market analyst at Ava Trade, said gold prices recorded another poor week in terms of their performance on Friday.
“The factor that influences the price of gold the most is the dollar index. It is pretty much clear that the Fed will continue to increase its interest rate, and there are no signs of them slowing down their monetary policy any time soon.
“Traders will be paying close attention to the US Empire State Manufacturing index data which is due at 12:30 GMT, and the number is highly expected to bring more volatility for the dollar index. A strong number may push the dollar index higher, so we could see further weakness in the yellow metal’s price action,” he said.
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source: khaleejtimes
