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Gulf Press > Gulf > UAE > Dubai: Gold prices decrease in early trading, disregard regional tension
UAE

Dubai: Gold prices decrease in early trading, disregard regional tension

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Last updated: 2024/09/30 at 6:50 PM
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Gold prices in Dubai saw a slight dip at the beginning of the trading week after reaching a record high last week, despite ongoing geopolitical tensions in the Middle East. The 24K variant of gold was selling for Dh321.5 per gram, down slightly from the previous week. The increase in gold prices last week was attributed to tensions between Israel and Hamas in the Middle East, along with expectations of further interest rate cuts by the US Federal Reserve, and increased buying by central banks. Analysts predict that gold will continue to trade at high levels due to these factors.

In addition to the 24K variant, the 22K, 21K, and 18K variants of gold also opened lower in Dubai on Monday. Globally, spot gold was trading at $2,656.27 per ounce, down slightly at 9.05 am UAE time. Senior market analyst Alex Kuptsikevich noted that gold has reached all-time highs for six consecutive trading days, with Thursday seeing a touch of $2,685. He emphasized the importance of monitoring signs of overbought conditions in the market to avoid potential risks for short-term traders.

Kuptsikevich also highlighted the recent strong rally of gold over the past three weeks, which he described as the most dangerous phase for short-term sell-side traders. Without reliable signals, it can be risky for traders to get involved in selling during this period of uncertainty and market volatility. It is crucial for traders to carefully analyze market trends and technical indicators to make informed decisions about buying or selling gold based on current market conditions.

Moving forward, experts advise investors to remain vigilant and closely monitor geopolitical developments, central bank policies, and global economic indicators that could impact the price of gold. With gold prices hovering at record highs and uncertainty prevailing in the market, it is essential for investors to adopt a cautious approach and seek professional guidance to navigate through the volatile market conditions and make informed investment decisions.

As the gold market continues to experience fluctuations in price and demand, it is important for investors to diversify their portfolios and consider alternative investment options to mitigate risks and maximize returns. By staying informed about market trends, geopolitical events, and economic factors that influence the price of gold, investors can make strategic investment decisions that align with their financial goals and risk tolerance. Consulting with financial advisors and conducting thorough research can help investors navigate the complexities of the gold market and make informed investment choices.

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News Room September 30, 2024
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