At the start of trading on Wednesday, the price of gold in Dubai increased marginally, adding almost Dh2 per gram over the previous day. The 24K version of the yellow metal opened in the United Arab Emirates at Dh282.0 per gram at 9 a.m. local time, down from Dh281.75 per gram at Tuesday’s market close. It increased by Dh1.75 per gram yesterday during the day. Among the other variations, on Wednesday, 22K was trading at Dh261.0 per gram, 21K at Dh252.75, and 18K at Dh216.75.
At 9.07 a.m. UAE time, gold prices were stable globally at $2,327.64 per ounce as expectations that the Federal Reserve will lower interest rates this year were reinforced by weaker-than-expected US retail data.
The precious metals market is currently going through a protracted period of consolidation, according to Ole Hansen, head of commodities strategy at Saxo Bank. This stage allows traders and investors to catch their breath while adjusting to new and higher levels after the significant surge earlier this year.
“Gold has seen the majority of its daily closes within a $2,280 to $2,380 range since early April, following two failed attempts to establish support above $2,400. The largest blow during this period came when data revealed that the People’s Bank of China had stopped purchasing in May following eighteen months of nonstop purchases, according to Hansen.
Also Read:
UAE: Thanks to Sports, These Students in Dubai Achieved Almost Perfect Exam Scores
Tech tech company from South Korea Enters Omani Market
