UAE: Gold prices continue to rise in Dubai; is it the right time to sell?

Senior analyst says the upward move is well within the pattern forming in the gold market since last September


Waheed Abbas

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Published: Wed 19 Jul 2023, 9:53 AM

Gold prices ticked higher in the UAE at the opening of the markets on Wednesday, trading at nearly over a month high.

According to Dubai Jewellery Group data, 24K was trading at Dh239 per gram on Wednesday morning as against last night’s closing rate of Dh238.75 per gram. The 24K variant’s price is higher by Dh1.75 per gram when compared to Tuesday’s opening market rate.

Among the other variants of the yellow metal, the 22K opened at Dh221.5, 21K at Dh214.25 and 18K at Dh183.75 per gram at 9am UAE time.

Globally, spot gold was trading at $1,974.72 per ounce by 9.10am UAE time.

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

Alex Kuptsikevich, senior market analyst at FxPro, said the upward move is well within the pattern forming in the gold market since last September.

“After forming a solid bottom in September-November the previous year, the price rallied from lows near $1,615 to a peak of $2,081 in early May. Within two months, we saw a classic correction with a pullback to 61.8 per cent of the initial move, briefly touching levels below $1,900. Gold then reversed to the upside,” he said.

“Within this long-term pattern, gold could break through the previous highs ($2,081) and potentially head towards $2,370, which could take more than six months,” he added.

Kuptsikevich added that they’re also watching the oversold dollar. “Last week, the weakening of the US currency boosted gold's gains, but a corrective recovery in the dollar could break gold's bullish pattern.”


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