On Tuesday morning, gold prices in the UAE continued their ascent, driven by the weakening US dollar and Treasury yields, signaling a robust market trend.
Dubai Jewellery Group data revealed the morning price for 24K gold at Dh246 per gram, slightly up from Dh245.75 at Monday’s market close.
Other gold variants also increased, with 22K at Dh227.75, 21K at Dh220.50, and 18K at Dh189 per gram.
Spot Gold Stability Amidst Fluctuations:
At 9:12 am UAE time, spot gold maintained stability at $2,032.99 per gram, after a dip from the early hours of $2,087.79 per ounce.
Notably, gold had surged to a record high of $2,135.40 on Monday before experiencing a significant drop, closing two percent lower.
Market Insights and Analyst Commentary:
Alex Kuptsikevich, a senior market analyst at FxPro, observed that recent market movements suggested a clearing of bearish sentiment in gold.
While acknowledging the upward trend, he cautioned against immediate entry due to potential market volatility.
Kuptsikevich highlighted the critical nature of the upcoming days for gold’s trajectory. Sustaining above $2,050 would indicate sustained bullish sentiment in the precious metals market.
Drawing from historical patterns, he noted previous high points followed by corrections, cautioning about potential sharp declines post-record highs.
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