Gold prices in the UAE declined Thursday morning, with 24K trading at Dh245.50 per gram at the market’s opening.
This marked a decrease from the previous night’s closing rate of Dh275.75 per gram. Other variants, including 22K, 21K, and 18K, also opened lower at Dh227.25, Dh220, and Dh188.50 per gram, respectively, reflecting a decrease of Dh0.25 per gram.
Internationally, spot gold maintained stability at $2,026.22 per ounce at 9.14 am UAE time, showcasing resilience amidst fluctuations in the global market.
Subtitle 3: Analyst Insights:
Zain Vawda, an analyst at dailyFX, noted that investors seemed to be pausing, anticipating the US jobs report, following what has been described as a turbulent week for the precious metal.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, emphasized that gold finds support near $2,000 per ounce as declining US yields and a waning appetite for equities drive capital toward the precious metal.
Central Banks’ Gold-Buying Trends:
According to data from the World Gold Council, central banks’ gold-buying slowed in October but maintained an overall trend of robust purchasing that has caught the attention of investors.
Global net purchases reported for October totaled 42 tonnes, a 41 percent decrease from September’s revised total of 72 tonnes but still 23 percent above the January-September monthly average of 34 tonnes.
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