UAE: Gold prices slip after hitting new all-time high
Gold reached its highest price ever on Monday evening before decreasing at Tuesday's market opening.
The prices for 24K and 22K gold dropped by Dh2 per gram to Dh354 and Dh329.25 per gram respectively at 9am UAE time on Tuesday morning. The 21K gold variant started trading at Dh315.75 per gram while the 18K variant began at Dh270.75 per gram.
At 9.10am UAE time gold traded globally at $2,937.53 per ounce which represented a 0.3 per cent decline. The yellow metal reached its highest price point ever at $2,956.15 per ounce during yesterday's evening session.
Senior Market Analyst Samer Hasn reported that gold's recent upward trend correlates with numerous negative indications concerning the US economic outlook and employment sector.
He mentioned that these new sources of uncertainty join existing global uncertainties while people wait for updates in the US trade war. Jim Wyckoff from Kitco Metals stated that investors expect gold prices to appreciate for the next several weeks or possibly longer.
Wyckoff noted that gold's trend continues upward through sideways movement as long as uncertainty remains in the market.
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