Gold prices in the UAE experienced a significant drop at the opening of the markets on Thursday, trading below Dh290 per gram, as global prices continued to decline for the third consecutive day.
According to Khaleej Times, the price of 24K gold dropped to Dh287.25 per gram, a decrease of Dh4.75 from the previous night’s close of Dh292.0. Other variants such as 22K, 21K, and 18K also saw reductions, trading at Dh266.0, Dh257.5, and Dh220.7 per gram respectively.
The fall in gold prices aligns with global trends where gold was trading at $2,373.01 per ounce, down by 0.4 percent, following the latest US Federal Reserve minutes indicating a potential interest rate hike. Diego Colman, a strategist at DailyFX, provided insights into the potential future movements of the precious metal.
“Bulls need to defend this technical floor tenaciously to avoid a deeper retrenchment; failure to do so could lead to a move towards $2,360,” Colman said.
He also mentioned that a bullish shift could push prices over $2,400, with a potential to test all-time highs around $2,450 per ounce.
