Dubai gold prices dip in early trade

Investors appear to be taking a pause after what can be described as a 'turbulent week' for the precious metal, analysts says

by

Waheed Abbas

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Published: Thu 7 Dec 2023, 9:43 AM

Gold prices dipped in the UAE on Thursday morning, but still stayed above Dh245 per gram.

The Dubai Jewellery Group data showed 24K trading at Dh245.50 per gram at the opening of the markets on Thursday, compared to last night’s closing rate of Dh275.75 per gram.

Its variants 22K, 21K and 18K also opened lower at Dh227.25, Dh220 and Dh188.50 per gram, respectively, down by Dh0.25 per gram.

Spot gold was steady at $2,026.22 per ounce at 9.14am, UAE time.

[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated trading news page here.]

Zain Vawda, analyst at dailyFX, said investors appeared to be taking a pause ahead of the US jobs report after what can be described as a turbulent week for the precious metal.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the precious metal sees support near the $2,000 per ounce as falling US yields and fading appetite for equities continue to push capital.

Meanwhile, the World Gold Council data showed central banks’ gold-buying slowed in October but did nothing to alter the overall trend of robust buying that has captured the attention of investors. Reported global net purchases totalled 42 tonnes during the month, 41 per cent lower than September’s revised total of 72 tonnes, but still 23 per cent above the January-September monthly average of 34 tonnes.

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