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Gold Prices Dip in UAE, Hover Above Dh245 per Gram

Gold prices in the UAE fell Thursday morning, with 24K selling at Dh245.50 per gramme at the start of the market.

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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