Ahead of important US economic data, gold prices increased little at Thursday’s start of Dubai’s markets.
According to statistics from the Dubai Jewellery Group, 24-carat was trading for Dh406 per gramme on Thursday morning, up from Dh404.5 per gramme at the end of Wednesday’s trading session. The 22-carat, 21-carat, and 18-carat precious metal varieties launched for Dh376, Dh360.5, and Dh309 per gramme, respectively, pricier than the other varieties.
Because of the high demand from central banks, geopolitical concerns, and the tariff dispute, many gold jewellers and analysts predict that gold will continue to be a popular safe haven and remain over Dh400 per gramme in the medium to long term.
Amidst persistent global economic and political unpredictabilities, spot gold was down 0.22 percent at $3,367.62 an ounce, with investors anticipating US payroll statistics for more economic indicators.
Technically speaking, gold has already broken above the downward trend from its record high of $3,500 on April 22. That previous resistance line is now turning into support close to $3,325, according to Ole Hansen, head of commodities strategy at Saxo Bank.
The 55-day moving average at $3,223 and $3,280 offer more levels of support. The macro environment is moving in favour of precious metals, but we are still hesitant to predict an impending surge to new all-time highs,” Hansen added.
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