Gold Prices Experience Volatility in Dubai Markets

Gold prices in Dubai exhibited some fluctuations as they opened on Thursday. This followed a gain of more than two dirhams per gram in the previous trading session.

Price Data:

The Dubai Jewellery Group data reported the following gold prices at 9 a.m. UAE time:

• 24K Gold: Opened at Dh236 per gram, compared to the previous night’s close at Dh237 per gram.
• 22K Gold: Started at Dh218.5 per gram.
• 21K Gold: Opened at Dh211.5 per gram.
• 18K Gold: Began at Dh181.25 per gram.

Notably, the 24K variant had seen a price increase of Dh2.25 on the previous trading day.

Spot gold registered a 0.14 percent decline globally, trading at $1,948.3 per ounce as of 9:23 a.m. UAE time.

Expert Insights:

• Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank: Ozkardeskaya highlighted that gold surpassed its 200-day moving average (DMA) despite market turbulence and rising US yields. Gold is a reliable hedge against risky assets, particularly during reduced market appetite.

• Zain Vawda, Analyst at DailyFX: Vawda explained that gold’s recent gains were driven by increased risk aversion among market participants. This heightened risk-off sentiment was triggered by a tragic incident, namely an explosion at a hospital in Gaza. Israel and Palestine were implicated, leading to concerns about a wider conflict. These factors contributed to gold’s upward momentum, approaching the $1950 per ounce level.

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