Gold prices increased at the start of trading in Dubai on Monday, with the 24K variant opening at Dh289.75 per gram, higher than the previous week's close of Dh289 per gram, according to data from the Dubai Jewellery Group.
Other variants of gold, including 22K, 21K, and 18K, opened at Dh268.25, Dh259.75, and Dh222.75 per gram, respectively. Internationally, spot gold remained stable at $2,395.37 per ounce at 9.15 am UAE time.
The yellow metal faced a potential second week of declines, dropping to $2,372 per troy ounce on Friday morning, which was $111 lower than its peak on July 17th. Alex Kuptsikevich, senior market analyst at FxPro, noted that gold received support near the 50-day moving average at $2,360, which aligns with the consolidation range from April to June.
Kuptsikevich highlighted two key levels for gold's short-term defense: $2,360 and $2,320. He advised monitoring these levels closely, as a strong break below them could signal a prolonged decline, while a successful defense could lead to further price increases.
Gold's resilience in avoiding a sell-off in June, despite breaking the 50-day moving average, contributed to new highs in July. Kuptsikevich suggested that a similar scenario could unfold if financial markets avoid a significant sell-off and resume growth without an official correction.
