Dubai: Gold Prices Slip Below Dh600 On Profit-Taking At The Start Of The Week

(MENAFN- Khaleej Times) Gold prices slipped below Dh600 per gram in Dubai again at the start of the week.

At 9 am in the UAE on Monday, 24K gold fell to Dh599.75 per gram, down Dh7.75 from the last week.

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Similarly, 22K, 21K, 18K and 14K dropped to Dh555.25, Dh532.50, Dh456.25 and Dh356.00 per gram, respectively. Spot gold fell over one per cent to $4,986.72 per ounce due to thin trading and profit-taking.

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Ahmad Assiri, research strategist at Pepperstone, said gold is trading shy of $5,000 per ounce with further consolidation of the range, reflecting a healthy rebalancing phase following the prior high volatility.

“After the yellow metal tested areas close to $5,400–$5,500 and experienced strong swings that pushed daily returns toward the tails of its statistical distribution, the market has shifted into a relatively narrower price action showing acceptance of current levels and a calmer repositioning. It is important to note that the $4,700-$4,800 range has demonstrated resilience following the correction seen at the beginning of the month. The decline was sharp, and volatility spiked, indicating an unwind of previously crowded positioning,” he said.

Assiri added that a moderation in price swings near a key psychological level, such as $5,000, often provides a more favourable environment for longer-term investors to build exposure.

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