Gold prices in the UAE have seen a slight increase at the opening of the markets on Tuesday, according to data from the Dubai Jewellery Group.
Current Prices:
As of 9 a.m. local time, the prices for various types of gold were as follows:
- 24K was trading at Dh239.25 per gram (compared to Dh239.0 per gram at the previous night’s close).
- 22K was trading at Dh221.5 per gram.
- 21K was trading at Dh214.5 per gram.
- 18K was trading at Dh184.0 per gram.
Global Trends:
Spot gold was up 0.13 percent at $1,976.27 as of 9:30 UAE time. Investors are closely watching economic data for guidance on interest rates and monitoring growing tensions in the Middle East.
Market Analysis:
Ole Hansen, head of commodity strategy at Saxo Bank, noted that while the response in the energy market to the Israel-Hamas conflict has been muted, the gold market has surged by around $160 over the past two weeks.
This reflects growing concerns among traders and investors about the geopolitical landscape, U.S. fiscal policy, and the recent yield increase.
Price Outlook:
Gold’s rally of $160 in the past two weeks has broken through several resistance levels, reaching a 13-week high.
It is now within striking distance of the psychologically important $2,000 level.
A failure to trigger consolidation and correction towards $1,946 could see prices move even higher, challenging resistance around $2,075, the nominal record high from 2020.
