Gold prices in Dubai dropped by Dh1 per gram at the start of the week's trading as the yellow metal slipped below $2,500 per ounce. By 9 am, the 24K gold was priced at Dh302.25 per gram, a decrease from Dh303.25 at the weekend's close. The other variants, 22K, 21K, and 18K, commenced trading at Dh280.0, Dh271.0, and Dh232.25 per gram respectively.
Internationally, gold was trading at $2,496.83 per ounce, a 0.24% decline at 9.08 am. Nick Cawley, a senior strategist at dailyFX, noted that he usually adopts a contrarian stance to market sentiment, and the current net-long position of traders indicates a potential further drop in gold prices. Alex Kuptsikevich, a senior market analyst at FxPro, added that beyond technical analysis, gold's immediate future hinges on the Federal Reserve's monetary policy, particularly the extent of interest rate cuts anticipated by year-end. The upcoming monthly employment report on September 6th and the Consumer Price Index release on the 11th are expected to shed more light on this.
