Gold prices in Dubai saw a slight increase at the market opening on Wednesday, with a rise of almost Dh2 per gram over the last 24 hours. Specifically, the 24K gold opened at Dh282.0 per gram at 9am local time, up from Dh281.75 per gram at the previous day's close. On Tuesday, it had risen by Dh1.75 per gram. The other gold variants also saw changes, with 22K trading at Dh261.0, 21K at Dh252.75, and 18K at Dh216.75 per gram, respectively. Globally, gold maintained its position at $2,327.64 per ounce at 9.07am UAE time, influenced by weaker-than-anticipated US retail data, which bolstered expectations of a Federal Reserve interest rate cut this year. Ole Hansen, Saxo Bank's head of commodities strategy, noted that the precious metals sector is experiencing a period of consolidation after a robust rally earlier this year, providing traders and investors with a chance to adjust to the new, higher levels. Hansen added that after two failed attempts to establish support above $2,400, gold has mostly traded within a range of $2,280 to $2,380 since early April. The most significant decline occurred when data revealed that the People's Bank of China halted its 18-month-long buying spree in May. Naeem Aslam, chief investment officer at Zaye Capital Markets, suggested that the price might test the $2,300 support level soon, as it seems that bulls are struggling to maintain the current levels. A failure to hold this support without fresh buyers could lead the price to drop further towards the critical level of $2,150.
Text: Lara Palmer
19.06.2024
24K Gold Increases by Nearly Dh2 Per Gram; Global Gold Holds Steady at $2,327.64 Per Ounce