Gold prices rise in Dubai on Thursday

Dubai - Precious yellow metal trades at Dh216.5 per gram on Thursday morning.

By Staff report

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Thu 6 May 2021, 10:39 AM

Gold prices opened higher on Thursday morning, as investors awaited the release of US non-farm payroll data for April due on the weekend.

Spot gold was up 0.32 per cent or $5.71 an ounce at $1,785.05 by 9.50am UAE time.


According to Dubai Gold and Jewellery Group data, 24K gold was priced at Dh216.5 per gram at the opening of trade on Thursday morning, as against Dh215.75 on Wednesday morning. The other variants of the precious metals also gained on Thursday as 22K rose to Dh203.5, 21K gained to Dh194.25 and 18K jumped to Dh166.5 per gram on Thursday morning.

Investors are looking forward to Friday's US monthly jobs report, which is expected to show nonfarm payrolls increased by 978,000 jobs in April.


Ole Hansen, head of the commodity strategy at Saxo Bank, said gold remains range-bound, as it struggles to find a bid strong enough to challenge key resistance at $1,800.

“The short-term technical outlook, however, still looks promising above $1,765 and a break above $1,800 could signal a move towards the $1,818 and $1,833, an area that undoubtedly would begin to shake out long-held trends following short positions,” Hansen added.

-waheedabbas@khaleejtimes.com

Top Stories

AFP file photo
AFP file photo

More news from