Time to buy: Dubai gold prices slip

Staff report/Dubai
Filed on May 5, 2021
AFP file photo

24K retail price stands at Dh215.75 per gram

Gold prices dropped in Dubai on Wednesday morning as compared to Tuesday morning, Dubai Gold and Jewellery Group data showed.

In Dubai, 24K retail price stood at Dh215.75 per gram on Wednesday morning as compared to Dh216.5 per gram on Tuesday morning. While 22K, 21K and 18K retail prices also opened lower at Dh202.75, Dh193.25 and Dh165.75 per gram, respectively.

Globally, spot gold was slightly up 0.1 per cent at $1,780.28 per ounce around 9.10am UAE time.

IG Market analyst Kyle Rodda sees a reasonably strong resistance zone between $1,800 and $1,810, if prices happen to push through there. “You might see some buyers on the other side of that.”

Naeem Aslam, chief market analyst at Ava Trade, the sell-off in the gold prices could be an opportunity for many as the US Manufacturing data confirmed that things aren’t running too hot yet. “The number was underwhelming in comparison to the forecast, and this is again a reminder for investors that the US economy still has a long way to go.”

The dollar index was down 0.1 per cent on Wednesday morning against its rivals after scaling a near two-week peak in the previous session.

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