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Gulf Press > Business > UAE: Gold prices rise slightly in early trading after dropping by Dh1.5 per gram – News
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UAE: Gold prices rise slightly in early trading after dropping by Dh1.5 per gram – News

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Last updated: 2024/06/18 at 8:37 AM
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Gold prices in Dubai increased at the markets’ opening on Tuesday after a slight decrease in the previous session. The 24K variant of the yellow metal was trading at Dh281.25 per gram, up from Dh281.0 per gram at the close of the markets on Monday. Among the other variants, the 22K, 21K, and 18K were trading at Dh260.5, Dh252.0, and Dh216.0 per gram, respectively. Globally, gold was steady at $2,321.68 per ounce at 9.10 am UAE time. The slight decrease in gold prices on Monday was attributed to investors looking forward to US economic data and Federal Reserve officials for clarity on the rate cut timeline.

Financial analyst, Saqib Iqbal, predicted that gold prices will come down due to the Fed’s cautious approach. He mentioned that Fed chief J. Powell did not give any hints on the rate cut, and he sees prices ranging from $2,250 to $2,300 in the coming month. However, if there are consistent, softer CPI reports and an increase in the unemployment rate, the Feds may cut rates in September, allowing gold prices to rise beyond $2,400. On the other hand, China’s decrease in buying gold reserves may also contribute to the bearishness in the gold market. China halted buying gold in May after gold reached a record high, indicating a temporary dampening of demand for the precious metal.

To stay updated with the latest news and trends in the gold market, individuals can follow KT on WhatsApp Channels. This will provide real-time information on gold prices and other related news. It is essential for investors and traders to stay informed about market movements to make informed decisions regarding their investments in gold. With gold prices constantly fluctuating based on various factors such as economic data, Federal Reserve policies, and global demand, staying informed is key to successful trading in the gold market.

Investors and traders can benefit from understanding the various factors that influence gold prices, such as economic indicators, geopolitical events, and central bank policies. By keeping track of these factors and staying informed about market developments, individuals can make well-informed decisions regarding their gold investments. Additionally, monitoring global trends and news related to gold can help investors anticipate price movements and adjust their trading strategies accordingly.

It is important for individuals interested in trading gold to conduct thorough research and analysis before making investment decisions. By understanding the market fundamentals and staying updated on the latest news and trends, investors can maximize their profits and minimize risks associated with trading gold. With the help of reputable sources like KT, individuals can access accurate and timely information on gold prices and market developments, enabling them to make informed decisions and stay ahead of the curve in the gold market.

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News Room June 18, 2024
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