Gold Prices Recover In Dubai, Rise To Dh498 Per Gram

(MENAFN- Khaleej Times) Gold prices rebound in Dubai, with the 24K price rising Dh4 to Dh498 per gram on Thursday morning.

The 24K price was trading at Dh498 per gram at the open of the markets on Thursday, up from Dh494 at the close of the market on Wednesday.

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Among the other variants, 22K, 21K, 18K, and 14K, were trading higher at Dh461.25, Dh442.25, Dh379, and Dh295.75 per gram, respectively.

Globally, spot gold was up 0.44 per cent to $4,132.5 per ounce. Silver fell 0.02 per cent, trading at $60 per ounce.

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Financial analyst Vijay Valecha said both metals continue to face headwinds from a stronger dollar and higher yields, which are creating a choppy market for gold.

“The 10-year yield is holding above 5.30 per cent, and its negative correlation with gold has increased recently due to fiscal concerns,” Valecha, who is also the chief investment officer at Century Financial, said.

“On a relief note, exchange-traded fund (ETF) flows have been positive despite the price action, even as precious metals fell in late September,” he said, adding that ETFs added 81,000 troy ounces of gold to their holdings in the last trading session, bringing this year's net purchases to 2.19 million ounces.

“This was the third straight day of growth. Additionally, central bank buying provides support, with August adding 39 tonnes, up from July,” he added.

On the technical front, 4,100-$4,120 is a crucial support level for gold as it was recovered after a failed breakdown in the previous session, the analyst said.

“This level also sees confluence with an ascending trendline from June lows. Secondary support sits around $4,050. On the upside, resistance is likely around $4,180, near yesterday's high, followed by the $4,220-$4,250 zone. This zone has confluence from the VWAP anchored to the September Fed meeting and the 20-day SMA. Target short entries on failure and pullback from $4,180, with $4,120 as the initial support and TP level,” he explained.

For Silver, the $60-$60.2 level acts as crucial support, while $61.8-$62 acts as initial resistance, followed by $63 (anchored VWAP from the September Fed decision). Target short entries on failure and pullback from $61.8, with $60.2 as the initial support and TP level.

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