Dubai: Gold prices dip in early trade
Gold ended lower at the open of the markets today on the first day of trading.
The 24K version was at Dh318 per gram as of 9am UAE time from Dh318.25 per gram at the close of the markets over the weekend.
Whereas 22K stood firm at Dh294.5 per gram, 21K and 18K came in between at Dh285 and Dh244.25 per gram respectively. Spot gold in the world was $2,626.32 per ounce up 0.12 per cent.
The Pepperstone head of research Chris Weston: Gold bulls would have been disappointed with the failure of the highs of Nov. 25 and the reverse down off $2,726 - but as the new trading week ramps up, there is less of a rush in trade today.
He said that gold traders aren’t putting on new positions.
"Gold’s relation to the US dollar and US Treasuries has been erratic in 2024 but when yields rip higher like they did last time, it is too much for gold players to miss, and the longer they stay long, the more we have to reduce long positions," he added.
"Gold is making both side of the market in mixed circumstances thanks to relative support coming from the declining US dollar and lower US Treasury yields," said Rania Gule, senior market analyst at XS.com.
"Still sold off following the activity from last week, investors are paying close attention to the news in both monetary policy and geopolitics, which will be key for gold’s outlook," she said.
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