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Steady Start for Gold Prices in UAE Markets, Supported by Weaker Dollar

At 9 a.m. UAE time, 24K gold was trading at Dh240.50 per gramme, according to data from the Dubai Jewellery Group.

Gold prices in the UAE opened with stability in the markets on Thursday. According to data from the Dubai Jewellery Group, the 24K gold was trading at Dh240.50 per gram at 9 a.m. UAE time, maintaining its position from the previous night’s close.

Although prices remained steady, there was a marginal increase of Dh1 per gram compared to Wednesday’s opening market rates.

Other Gold Variants:

The opening rates for different gold variants on Thursday morning were as follows:

  • 22K: Dh222.75 per gram
  • 21K: Dh215.5 per gram
  • 18K: Dh184.75 per gram

Stability in Global Gold Prices:

Global gold prices, represented by spot gold, remained stable at $1,985.95 per ounce by 9:25 a.m. UAE time. A weaker US dollar and Treasury yields influenced this stability.

The precious metal was positively affected by a weaker US dollar and Treasury yields following the Federal Reserve’s decision to keep interest rates unchanged. 

Investors increasingly speculate that the central bank may have concluded its rate hikes.

Technical Analysis Insights:

Vijay Valecha, Chief Investment Officer of Century Financial, pointed out that from a technical perspective, gold confirmed a bearish correction after breaking the bullish channel’s support line. 

The correction began from the rise at $1,810.58, with an initial target of $1,960. A further break at this level could lead to additional bearish correction, with the next target being $1,930.

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