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.
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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.
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