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Gold Prices Rise in the UAE; Check the Recent Price

According to data from the Dubai Jewellery Group, gold prices in the UAE increased slightly at the start of trading on Tuesday.

Gold prices in the UAE have seen a slight increase at the opening of the markets on Tuesday, according to data from the Dubai Jewellery Group.

Current Prices:

As of 9 a.m. local time, the prices for various types of gold were as follows:

  • 24K was trading at Dh239.25 per gram (compared to Dh239.0 per gram at the previous night’s close).
  • 22K was trading at Dh221.5 per gram.
  • 21K was trading at Dh214.5 per gram.
  • 18K was trading at Dh184.0 per gram.

Global Trends:

Spot gold was up 0.13 percent at $1,976.27 as of 9:30 UAE time. Investors are closely watching economic data for guidance on interest rates and monitoring growing tensions in the Middle East.

Market Analysis:

Ole Hansen, head of commodity strategy at Saxo Bank, noted that while the response in the energy market to the Israel-Hamas conflict has been muted, the gold market has surged by around $160 over the past two weeks. 

This reflects growing concerns among traders and investors about the geopolitical landscape, U.S. fiscal policy, and the recent yield increase.

Price Outlook:

Gold’s rally of $160 in the past two weeks has broken through several resistance levels, reaching a 13-week high. 

It is now within striking distance of the psychologically important $2,000 level. 

A failure to trigger consolidation and correction towards $1,946 could see prices move even higher, challenging resistance around $2,075, the nominal record high from 2020.

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