UAE: Gold prices rise; 24K jumps Dh1 per gram

Spot gold was up 0.66% at $1,862.02 per ounce at 9.10am UAE time


A Staff Reporter

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Agencies file
Agencies file

Published: Mon 30 May 2022, 9:21 AM

Gold prices firmed in choppy trading on Monday morning in the UAE and worldwide, as a weakening dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia.

Spot gold was up 0.66 per cent at $1,862.02 per ounce at 9.10am UAE time.

In the UAE, 24K gold price jumped one dirham per gram at the opening of the market on Monday to trade at Dh225.5 per gram as compared to last week’s close of Dh224.5 per gram.

Among the other variants of the yellow metal, 22K opened at Dh211.75 per gram, 21K at Dh202.25 and 18K at Dh173.25.

"With the three-day holiday in the US, which means lower liquidity than usual, and a lack of top-tier data until Wednesday, we may find that gold will remain nailed to its tight range around $1,850 unless a new catalyst arrives," said Matt Simpson, senior market analyst at City Index.

"A large part of gold's underperformance has been due to investors moving to cash as equity markets fell, whilst lockdowns in China also dented demand. Typically, June is a bearish month for gold but that seasonal pattern appears to have been shifted forward by one month," Simpson said.

Jeffrey Halley, senior market analyst at Oanda, said gold has resistance at $1,860, $1,870 and $1,886 an ounce.

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