Gold Prices Pause in UAE Amid Steady Opening

Gold prices in the UAE experience a moment of calm as trading commences, with prices holding steady at market open.

UAE Gold Prices Remain Unchanged:

According to data from the Dubai Jewellery Group, various gold variants, including 24K, 22K, 21K, and 18K, maintain their prices, with 24K trading at Dh264.0 per gram and others following suit.

Spot gold remains stable at $2,181.3 per ounce as of 9.10 am UAE time, reflecting a broader trend of price steadiness in the global market.

Factors Driving Gold’s Performance:

Analysts attribute gold’s multi-day gains to a weakening dollar and declining treasury yields, which were bolstered by US Federal Reserve Chairman Jerome Powell’s comments hinting at potential interest rate cuts later in the year.

After reaching record highs, the focus in the gold market shifted towards consolidation, with analysts noting signs of strength despite fluctuations in US Treasury yields.

Analyst Insights and Price Forecast:

Amra Osman, Sales Director at XTB Mena, and Ole Hansen, Head of Commodities Strategy at Saxo Bank, provide insights into gold’s trajectory. They highlight factors such as interest rate expectations and technical analysis in their price forecasts.

Despite short-term fluctuations, analysts maintain a bullish long-term outlook for gold, with price targets set at $2,300 and potential for further upward movement towards $2,500 based on technical indicators and market dynamics.