Dubai, UAE – On the first trading day of the week, gold prices in the UAE remained steady, reflecting a period of stability in the local market.
According to the latest data from the Dubai Jewellery Group, the 24K, 22K, and 21K variants of the precious metal were trading at Dh277.75, Dh257.25, and Dh249.0 per gram, respectively, marking no change from last week’s close.
Meanwhile, the 18K gold variant saw a marginal increase, opening at Dh213.5 per gram on Monday, up from Dh213.25 per gram at the end of last week.
This local steadiness contrasts with the slight decline observed in the global gold market. As of Monday, gold was trading at $2,295.57 per ounce, down 0.14 percent.
This minor decrease reflects the current trend where gold has struggled to maintain its highs achieved in recent months. In May, gold prices had climbed towards $2,450 per ounce, surpassing the peaks of April but failing to consolidate near those all-time highs.
Over the past two weeks, the price has fluctuated between $2,330 and $2,360, showing a slight downward trend as seen on daily candlestick charts.
Alex Kuptsikevich, a senior market analyst at FxPro, noted that gold volatility has decreased significantly in recent days. “Gold traders are currently considering their next move, with many commodities experiencing a corrective decline,” Kuptsikevich explained.
He pointed out that gold has now dropped to a support level represented by the 50-day moving average, which has garnered temporary interest from short-term buyers. “The 50-day moving average has effectively acted as uptrend support since last October,” he added.
Kuptsikevich highlighted that the impact of this support level is evident, as prices of other actively traded metals such as silver, platinum, and copper have steadily decreased over the past week. However, he cautioned that there is no certainty this trend will persist.
“Further declines in prices for raw material assets may cause bulls in gold to capitulate,” he warned.
In the broader market, the relative stability of gold in the UAE provides some reassurance to investors and consumers alike. The consistent prices reflect a balanced local demand and supply dynamic, which is crucial for maintaining confidence in the market.
This stability is particularly significant given the recent global economic uncertainties and the fluctuating performance of other commodities.
The slight increase in the 18K gold price indicates a nuanced market response, potentially driven by specific local factors such as consumer demand and retail trends.
As the summer season progresses, market watchers will be keen to see how these prices evolve, particularly in the lead-up to key economic events and geopolitical developments that traditionally influence precious metal markets.
For now, gold remains a focal point for investors looking to hedge against market volatility and economic instability.
The ongoing assessment of market conditions and strategic moves by traders will play a pivotal role in shaping the future trajectory of gold prices both locally and globally.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members