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Gold Prices Dip as Week Begins in UAE

Gold prices experienced a slight decrease as markets opened in the UAE on Monday, April 29. According to data from the Dubai Jewellery Group, 24K gold was trading at Dh282.5 per gram in the morning, compared to Dh283.0 per gram at the close of markets over the weekend. Similarly, 22K, 21K, and 18K gold also opened lower at Dh261.5, Dh253.25, and Dh217.0 per gram, respectively.

At 9:14 am UAE time, spot gold was observed to be slightly down at $2,335.13 per gram. Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that gold experienced a long-overdue but modest setback. He mentioned that momentum traders had shifted their focus to copper, leading to a fresh cycle high in its price.

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Hansen further explained that gold's aggressive rally since mid-February was being challenged by this setback, which he considered healthy for the market. He highlighted the importance of understanding the underlying demand for gold beyond short-term momentum and managed money accounts. Additionally, he noted that the ongoing correction would help assess the level of actual demand and could impact long positions if there were changes in the technical or fundamental aspects of the market.

Despite the recent correction, gold had rallied by almost $450 from its mid-February low. However, the current correction had not yet significantly challenged traders' overall belief in higher gold prices. Hansen emphasized the importance of monitoring how the market evolves amid these adjustments.

April 29, 2024 2:06 p.m. 3889

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