Early on Monday morning, gold prices in the United Arab Emirates declined marginally in tandem with a minor decline in global rates. However, the market was still trading close to a two-month high.
The 24K version of the yellow metal was trading at Dh252.0 per gram at the start of the markets on Monday, compared to last week’s close of Dh252.25 per gram, according to statistics from the Dubai Jewellery Group. The opening prices for the other precious metal variations were Dh233.25 for 22K, Dh225.75 for 21K, and Dh193.5 for 18K per gram.
According to Alex Kuptsikevich, senior market analyst at FxPro, gold has been in a downward trend since peaking at the very end of last year, establishing a sequence of sliding local highs and lows.
The synchronized surge in buying in European and Asian markets since mid-February and the continuous rally in cryptocurrencies from the start of the month indicates that risk appetite has been rising in the financial markets. However, we can only declare a break of the downtrend corridor following a consolidation above the previous high, so there’s no need to rush. Gold is presently attempting this peak at $2,055, a significant mark from which selling has accelerated since early January. Furthermore, since August, the price has not stabilized above this level.
