UAE gold prices set to break longest losing streak in 7 years: Is it time to buy?

In the UAE, 24K opened at Dh221.25 per gram

Published: October 05, 2023 10:16 Reuters and Compiled by Lekshmy Pavithran, Assistant Online Editor

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Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Image Credit: Virendra Saklani/Gulf News

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Spot gold rose 0.3 per cent to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. US gold futures gained 0.3 per cent to $1,840.90. Image Credit: Clint Egbert/Gulf News

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The price of gold in the UAE increased slightly on Thursday, with 24-karat gold opening at Dh221.25 per gram, up from Dh220.50 at the close of trading on Wednesday. Other gold karats also saw modest gains, with 22-karat gold opening at Dh205 per gram, 21-karat gold opening at Dh198.25 per gram, and 18-karat gold opening at Dh170 per gram. Image Credit: Virendra Saklani/Gulf News

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"While there is an attempt for gold prices to stabilize into today's session, there is not much conviction of a reversal just yet," IG market strategist Yeap Jun Rong said. Image Credit: Virendra Saklani/Gulf News

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Any moves before the US non-farm payroll this week may be short-lived, with the official job data still the key catalyst in dictating market direction ahead, along with the US CPI data next week, he added. Image Credit: Agency

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Data on Thursday showed US private payrolls increased far less than expected in September. Markets now await the Labor Department's more comprehensive employment report on Friday. Image Credit: Supplied

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Benchmark US 10-year bond yields fell from 16-year highs on Thursday and the US dollar was 0.2 per cent lower, allaying some pressure on non-yielding gold. Image Credit: Shutterstock

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SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5 per cent to 869.31 metric tons on Wednesday, its lowest since August 2019. Image Credit: Virendra Saklani/Gulf News

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The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1 per cent to $21.19 per ounce, having slipped to its lowest since mid-March this week. Image Credit: Shutterstock

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Platinum gained 0.5 per cent to $870.16, rising from its lowest in a year hit in the last session, and palladium firmed 1.2 per cent to $1,181.15, off a 5-year low touched on Wednesday. Image Credit: Ahmed Ramzan

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