Gold prices experienced a decline at the start of trading in Dubai on Friday. By 9am UAE time, the 24K gold was being traded at Dh304.25 per gram, a decrease from Dh304.75 at Thursday's market close. The other categories also saw reductions, with 22K opening at Dh281.75, 21K at Dh272.75, and 18K at Dh233.75 per gram.
On a global scale, gold was trading at $2,513.59 per ounce, marking a 0.23% decrease by 9.07am UAE time. Vijay Valecha, the chief investment officer at Century Financial, noted that technically, gold has managed to remain above the $2,500 mark, which supports the possibility of a bullish breakout from a rising wedge pattern. He added, "However, gold is currently consolidating between $2,530 and $2,503. Should it drop below $2,500, it might encounter bearish pressure, with support at $2,485.63. On the upside, resistance is anticipated at the $2,530 level."
Michael Brown, a senior research strategist at Pepperstone, observed that spot gold has been trading within a range recently, mostly consolidating above $2,500 per ounce and showing strong buying interest at several retests of that level. He attributed these relatively calm conditions to the lack of significant macroeconomic data releases this week, a situation that is expected to persist until the release of the August US employment report next Friday.
