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Dubai gold prices stay close to 1-month high

Precious metal prices slightly change course but some analysts are bullish on where gold is headed this week

Gold bars
Image Credit: AFP
Gold fails to keep its momentum on Monday, with jewellery rates falling slightly from Sunday's rates.

Dubai: After hitting their highest level in one month, gold prices in the UAE dipped slightly on Monday following an uptick in the US dollar.

The price of 24-karat gold in Dubai was trading at Dh156.50 as of 9.27am, down by .25 fils from Sunday. The latest rate, however, is still higher by Dh1.50 per gram when compared to about a month ago.

Other popular gold pieces have likewise inched down, with 22K selling at Dh147 per gram, dropping by .25 fils,  and 21K and 18K going for Dh140.25 and Dh120.25, respectively.

Jewellery prices in Dubai had earlier hit their highest in one month, with spot gold rising to as much as $1,297 an ounce on Friday.

As of 0417 GMT on Monday, however, spot gold had edged down 0.2 per cent to $1,291.71 an ounce, according to Reuters, but some analysts are still betting on the precious metal to move higher this week.

“Friday’s move higher has definitely improved gold’s chart patterns, but it remains to be seen if this will be enough to attract fresh fund buying,” the news agency quoted INTL FCstone analyst Edward Meir.

“Much of this will depend on the progress [or lack thereof] that the US tax bill makes in the Senate. If efforts to pass it flounder, we could see a much sharper correction set in over US equities, prompting another leg higher in gold.”

According to Vijay Valecha, chief market analyst from Century Financial Brokers, there is still volatility in the equities market and the dollar is still set to weaken.

“Last week gold prices took an unexpected upward momentum while equities showed a rare of sign of weakness this year... Concerns in the US senate over Trump tax bill should see a further 2% upward move on gold prices,” Valecha told Gulf News.

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