UAE: Gold price rises to $1,959 per ounce in early trade

Gold prices rose by half a dirham in the UAE on Tuesday morning in line with the increase in global rates.

Spot gold was up 0.32 per cent at $1,959.06 per ounce at 9.20 am UAE time.

In the UAE, gold opened higher with 24K trading at Dh237.25 per gram, up from Dh236.75 at the close of the market on Monday. Among the other variants of the precious metal, 22K opened at Dh223.0 per gram, 21K at Dh212.75, and 18K at Dh182.25.

Alex Kuptsikevich, senior market analyst at FxPro, said for almost a month, gold gained strong support on declines below $1,920, where the momentum of the metal lost power last May. Strong support on the dips indicates that the yellow metal is seeing a new chapter in its momentum.

“Since the beginning of April, the rise may well be the first sign that gold is finally coming out of the bigger correction from August 2020 and the smaller correction from the early March 2022 peaks. This hypothesis will be confirmed by a renewal of historical highs and a move above $2,070. However, the signs now suggest that a move in this direction has already begun and could be completed in a matter of weeks,” said Kuptsikevich.

waheedabbas@khaleejtimes.com

• Dubai