UAE states gold rates decrease by USD0.82 following rate rise
Date
9/19/2024 8:56:26 AM
(MENAFN) Gold rates in Dubai started falling again on Thursday after reaching a peak earlier in this week.
By 9AM in the UAE, the rate of 24K gold dropped to USD84.40 per gram from USD84.67 per gram the previous day, a decrease of USD0.20 per gram. The gold`s rate dropped by USD0.82 per gram this week, falling from USD85.35 on Monday late hours.
Worldwide, the rate of spot yellow metal stood at USD2,567.13 each ounce, showing an increase of 0.31 percent. This week, it reached a high of USD2,589. The rates of yellow metal are modified in the early hours to match the changes in the international rates overnight.
Michael Brown, a senior research strategist at Pepperstone, mentioned that USD2,600 each ounce is the most major short-term resistance level because of its psychological importance as a round number.
He followed by: “To the downside, the prior range highs at $2,530 an ounce are the most obvious level that the bears will need to break, in order to extend any potential downside momentum,”.
MENAFN19092024000045015687ID1108692408
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.