Tuesday morning saw a continued rising trend in the early trading gold prices in the UAE as a result of the US dollar’s decline and Treasury yields.
The 24K was trading for Dh246 per gram on Tuesday morning, down from Dh245.75 at Monday’s market closing, according to statistics from the Dubai Jewellery Group. 22K, 21K, and 18K, the other yellow metal variations, all opened higher at Dh227.75, Dh220.50, and Dh189 per gram, respectively.
After falling from $2,087.79 per ounce in the early hours, spot gold remained stable at $2,032.99 per gram at 9:12 a.m. UAE time. After rising to an all-time high of $2,135.40 on Monday, gold fell more than $100 in a single day to end the day 2% down.
For the past session, the yellow metal has been trending upward. Due to decreased liquidity in the instrument and increased risk appetite, the price of the instrument increased to $2,075 on Friday night. Gold hit a new record price peak of $2135, which it reached on Monday.
The way the market moved on Friday and Monday morning indicates that the bears in gold may have left the market. With the reintroduction of liquidity, the price declined to $2,060. Right now, it might be too risky to join the gold rally, according to FxPro senior market analyst Alex Kuptsikevich.
Also Read:
GEEKAY enters the Kingdom of Saudi Arabia with its first store in Riyadh
Offering Interior Solutions And Beyond With Ready Room: Reni John
