Gold Prices Make Strong Weekly Gains In Dubai, Jump Over Dh13 In 24 Hours

(MENAFN- Khaleej Times) Gold prices made strong gains in the UAE and Dubai this week, rising by over Dh13 per gram in the past 24 hours due to geopolitical tensions.

The precious metal, which opened at Dh599.75 per gram at the start of the week on Monday, closed at Dh615.25 per gram on Friday, gaining Dh15.5 per gram this week.

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The other variants also made smart gains with 22K, 21K, 18K, and 14K closing the week higher at Dh569.75, Dh546.25, Dh468.25, and Dh365.25 per gram, respectively.

On Friday, gold prices jumped 2.57 per cent to $5,106.68 per ounce after US President Donald Trump said he was considering striking Iran after ordering a major naval buildup in the Middle East.

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Ahmad Assiri, research strategist at Pepperstone, said gold has once again shown its dual sensitivity to macro variables and technical structure.

“After a period of elevated volatility, the yellow metal is entering a more balanced path. What is new is that the $6,100 level now appears to be a technical ceiling for the current price channel after repeated recent tests. The previous moves toward the $5,750 area, followed by a pullback and stabilisation, redistributed positions and removed a significant portion of short-term momentum.

“As prices approach $6,100, signs are emerging that the market is reassessing the trajectory within a relatively narrow price channel, where the rally shifts from acceleration to gradual progress, noting sensitivity to inflows. This ceiling at $6,100 per ounce does not signal the end of the uptrend but rather indicates that the pace of gains will be unlikely to be rapid, instead remaining within the channel range,” he said.

On the macro side, investors are repricing expectations for the US Federal Reserve's policy.

“The structural support factors remain in place, from central bank purchases to elevated global debt levels, although the latter has now become less pronounced. As long as gold remains below a confirmed break above the $6,100 ceiling, the more likely scenario is trading within an ascending channel at a calmer pace, where lower volatility and a focus on fundamentals provide the most suitable framework for the continuation of the medium-term trend,” he added.

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