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Dubai: 24K gold price seen dropping to Dh205 this week
Dubai - The precious metal fell nearly six per cent, its biggest loss in 15 months.
Reuters
Gold prices in Dubai are expected to go down further this week following a tumultuous week when the precious metal fell nearly six per cent, its biggest loss in 15 months.
According to Dubai Gold and Jewellery Group data, 24K last closed at Dh213.75 per gram; 22K at Dh200.75; 21K at Dh191.5; and 18K at Dh164.25.
Spot gold price ended on Friday at $1,764.31, down 0.7 per cent.
The precious metal was heavily weighed down by the strengthening of the US dollar and surprisingly hawkish tone from the Federal Reserve. The Dollar Index posted one of its best weeks in several months, gaining two per cent last week.
Vijay Valecha, chief investment officer of Century Financial, forecast 24K gold price in the UAE will trade between Dh205 and Dh220 in the days ahead.
“Technically, the metal has broken 100-day and 200-day moving average at $1,795 and $1,837, respectively, which will now act as a resistance level. Meanwhile, support is seen near an upward sloping trendline near $1,740, a break below which will open door to more losses,” said Valecha.
The last US Fed meeting results showed seven members in favour of a rate hike next year, with consensus for two hikes in 2023.
“The Fed also indicated that it will soon work on tapering down the current $120 billion in monthly bond purchases. It was this change in the Fed script which benefited the dollar and weighed on the dollar-denominated metal,” he added.
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