Gold prices in the UAE dropped by almost Dh5 per gram, trading below Dh290 per gram as global precious metal prices fell for the third consecutive day. The 24K variant of gold was trading at Dh287.25 per gram on Thursday morning, down by Dh4.75 per gram compared to the previous night, while 22K, 21K, and 18K rates also saw a decline. Globally, gold was trading at $2,373.01 per ounce, with a 0.4 percent decrease as the US Federal Reserve indicated inclinations to raise interest rates, impacting the yellow metal’s value.
Diego Colman, a contributing strategist at dailyFX, predicted that gold could hit $2,360 after falling below $2,375 per ounce. He emphasized the need for bulls to defend the technical floor to prevent a deeper retrenchment, with a potential shift towards $2,360 or $2,335 if weakness persists. However, if investor sentiment turns bullish, gold prices could cross $2,400 and reach $2,420 per ounce. Colman also highlighted the possibility of a rally towards the all-time high of $2,450 if a breakout occurs after overcoming the $2,430 barrier.
Stay informed with the latest news by following KT on WhatsApp Channels. The fluctuating gold prices are influenced by various factors such as global economic conditions, interest rates, and investor sentiment. Investors should carefully monitor market trends and expert forecasts to make informed decisions regarding gold investments. With gold prices experiencing volatility, it is crucial to stay updated on the latest developments to capitalize on potential opportunities for profit.
As the market continues to react to economic data and central bank policies, gold prices may see further fluctuations in the coming days. Factors such as inflation, geopolitical tensions, and currency movements can also impact the value of gold. Traders and investors need to stay vigilant and adapt their strategies accordingly to navigate the changing market conditions effectively. By staying informed and monitoring key indicators, individuals can make informed decisions regarding gold investments and maximize their potential returns in the current market environment.
