Dubai: Gold Prices Drop Further Is It Time To Enter The Market?

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Gold prices eased for the second consecutive day in Dubai on Thursday due to global investors booking profits, as well as a stronger US dollar pushing precious metal down by over one per cent.

At the opening of the markets in Dubai on Thursday, 24K gold prices fell by Dh2.5 to Dh533.75, and 22K price fell by Dh2.25 to Dh494.25.

Similarly, 21K, 18K and 14K opened lower at Dh474.0, Dh406.25 and Dh317.0 per gram, respectively. Spot gold eased 0.57 per cent to $4,427.34 per ounce at 9.15 UAE time. Since prices have dipped over the past couple of days, it could be a good entry point for shoppers looking to buy gold coins and ornaments.

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“The strengthening of the US dollar caused gold to retreat. Nevertheless, the precious metal remains in a strong position. This is partly due to the likely increase in central bank activity in the bullion market in a bipolar world,” said Alex Kuptsikevich, chief market analyst at FxPro.

Linh Tran, market analyst at xs, said gold prices moved close to the $4,500 an ounce before retreating.

“This price action indicates that the broader uptrend remains intact, supported by macroeconomic and geopolitical fundamentals. However, as prices approach key psychological levels and move closer to the historical high, technical corrective pressure has become more evident. Gold's recent advance has been reinforced by a relatively stable global economic backdrop, rather than a sharp downturn. Specifically, recent US economic data suggest that growth is slowing but not yet weakening materially,” said Tran.

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