Dubai: Gold prices drop; 24K trades at Dh217 per gram

Gold prices fell slightly on Tuesday morning as prices were stuck in a tight range with investors looking for direction.

Spot gold was down 0.01 per cent at $1,791.75 per ounce at 9.15 am UAE time.

In the UAE, 24K gold price was trading at Dh217.0 per gram at the opening of the market on Tuesday as compared to Dh217.75 at the close of the market on Monday. The 24K variant is down by Dh1.75 per gram when compared to Monday’s opening market price.

Among the other variants of the yellow metal, 22K was trading at Dh204.0, 21K at Dh194.5 and 18K at Dh166.75 per gram on Tuesday.

Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, said the yellow metal edged lower overnight as momentum once again faded.

“Gold’s attempts to stage a meaningful recovery continue to disappoint, with traders cutting long positions at the very first sign of trouble intra-day. Gold lacks the momentum, one way or another, to sustain a directional move up or down,” he said, adding that it’s likely gold will remain a forgotten asset class and face another week of choppy range trading.

He added that $1,815.00 will present a formidable barrier at $1,840. “Support lies at $1,790, followed by $1,780 an ounce. $1,790.00 to $1815.00 could well be the range for the week.”

waheedabbas@khaleejtimes.com

• Dubai