Dubai: Gold prices slip Dh1.5 in early trade on Tuesday

Gold prices slipped one-and-a-half dirham per gram at the opening of the markets in Dubai on Tuesday.

At 9am UAE time on Tuesday, 24-carat slipped to Dh387.75 per gram, down from Dh389.25 per gram at the close of the markets on Monday.

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Similarly, 22-carat, 21-carat and 18-carat fell to Dh359.25, Dh344.5 and Dh295.25 per gram, respectively.

Spot gold was trading at $3,217.7 per ounce, down 0.37 per cent due to a firmer dollar and optimism around the Russia-Ukraine war ceasefire.

Linh Tran, a market analyst at XS.com, said gold prices are likely to continue trading within a narrow range as markets await clearer signals from the high-level dialogue and upcoming economic data to determine the next directional move.

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Gold started the year off on solid footing at around $2,624.50 after rallying nearly 27 per cent in 2024. The momentum gained steam this year, as gold exhibited a relentless rally, creating a series of record highs amid a global flight to safety. By April 22, it had risen to a peak of over $3,500 – rallying more than 875 points or around 34 per cent in less than 4 months.

“However, the emergence of trade deals has since triggered a drop, with gold currently trading 8.4 per cent below its peak at $3,223. The precious metal was exhibiting a double top pattern on the day chart, which is typically indicative of bearish forces,” said Vijay Valecha, chief investment officer of Century Financial.

Waheed Abbas

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that dir...Read More

waheedabbas@khaleejtimes.com