Gold prices in the UAE surged above Dh250 per gram, reflecting global trends as the precious metal continued to trade above $2,060 per ounce.
The rise is attributed to a weaker US dollar and the US Federal Reserve’s expectations of interest rate cuts.
According to the Dubai Jewellery Group, the opening price for 24K gold reached Dh250.25 per gram. Other variants also increased: 22K at Dh231.75 per gram, 21K at Dh224.25, and 18K at Dh192.25.
Global Gold Prices:
Internationally, spot gold maintained stability at $2,065.9 per ounce. Analysts suggest that ongoing economic uncertainties and expectations of interest rate adjustments contribute to the resilience of gold prices.
Factors Driving Gold Prices:
- Weaker Dollar: Gold’s rise is associated with a weaker US dollar, making the precious metal more attractive to investors.
- Anticipated Interest Rate Cuts: Expectations of interest rate cuts by the US Federal Reserve in the coming year are influencing gold prices. Analysts project rate cuts ranging between 50 and 100 basis points.
Technical Analysis and Forecasts:
Analysts indicate critical support levels at $2,050, emphasizing the importance of defending this floor. Failure to do so may lead to downward momentum, potentially pushing gold prices toward $1,990.
On the contrary, surpassing $2,070-75 could strengthen upward momentum, with a potential consolidation above $2,100.
Outlook for 2023:
Gold’s journey in 2023 has been marked by turbulence, reaching peaks above $2,100 per ounce before stabilizing around $2,050.
Analysts anticipate that gold prices will remain above $2,000 per ounce next year, driven by global economic, political, and geopolitical uncertainties.
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