Dubai Gold Price Loses Dh5 As 24K Trades At Dh473

(MENAFN- Khaleej Times) Gold prices traded lower in Dubai on Tuesday morning, losing Dh5 from the day before.

The 24K variant was trading at Dh473 per gram at the market open on Tuesday, down from Dh478 at the market close on Monday, according to data by Dubai Jewellery Group. The other variants, 22K, 21K, 18K, and 14K, were trading lower at Dh438, Dh419.75, Dh359.75, and Dh280.75 per gram, respectively.

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Globally, spot gold was down 0.87 per cent, trading at $3,925.5 per ounce. Silver was down 2.52 per cent at $49.56 per ounce.

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Breaking below the $4,000 levels could cause additional selling pressure, especially from physically backed products, which remained very resilient as of late, said Carsten Menke, Head Next Generation Research at Julius Baer.

Much like last year, flows have become an additional factor pressuring prices. However, the fundamental backdrop changed from this time around last year.

“Back then, expectations were firmly pointing to lower US interest rates, a weaker US dollar and political interference with the US Federal Reserve,” Menke said.“Today, it is the opposite. While it is important to acknowledge this change in the fundamental backdrop, it fails to fully explain the price pressure the markets have been facing as of late.”

He added,“Short-term price risks seem skewed to the downside, but we still see a compelling longer-term backdrop. Both gold and silver should be supported by concerns about the indebtedness and interest-rate burden of the United States.”

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