UAE: Early trading in Dubai shows an increase in gold prices

By 9.20am, spot gold was trading at $1,718.5 per ounce.

Tuesday morning saw a minor increase in gold prices, which continued to trade above the crucial $1,700 per ounce mark as the pressure from a strong dollar was partially offset by expectations that the Federal Reserve will pause the rate of rate increases following mixed US employment data.

In accordance with worldwide rates, gold prices increased somewhat in the UAE. According to statistics from the Dubai Gold and Jewellery Group, 24K traded for Dh207.75 per gram  on Tuesday as opposed to Dh207.50 at the market’s end on Monday.

The opening prices for the other precious metal varieties were Dh195.25 per gram for 22K, Dh186.25 for 21K, and Dh159.75 for 18K.

According to Dubai Gold Souk vendors, any sudden price increase, no matter how small, scares away customers. Vijay Valecha, chief investment officer at Century Financial, claimed that UAE consumers missed an opportunity to purchase gold at a reduced price because the price increased by about $15 per ounce in three hours.

According to him, “many UAE gold consumers are waiting for the Indian holiday of Diwali to bulk buy gold.” He also said that the first and second resistance levels for the yellow metal might be found at $1,729.5 and $1,744.48 respectively.

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