Gold prices in the UAE remained relatively unchanged
As the markets opened on Monday, gold prices showed resilience with no significant fluctuations. According to data from the Dubai Jewellery Group, the price of 24K gold stood at Dh233.0 per gram at 9 am on Monday. Meanwhile, 22K, 21K, and 18K gold started the week at Dh215.75, Dh208.75, and Dh179.0 per gram, respectively.
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In the global market, spot gold remained largely unchanged, maintaining its value at $1,923.22 per ounce by 9:11 am UAE time.
Investors are closely monitoring the upcoming US consumer inflation report, scheduled for later in the week. This report will play a crucial role in determining the Federal Reserve's decision regarding a potential interest rate hike.
Zain Vawda, an analyst at dailyFX, noted that precious metal prices experienced a rollercoaster week. The week began on a positive note, followed by a mid-week selloff, and ultimately concluded with a marginal increase.
Vawda also highlighted that this week appears to be relatively slow compared to the previous week, which was marked by Central Bank meetings and significant market activity.
He further explained, "We have the US Durable Goods Orders report, which is not typically a leading indicator. However, following the 5.2 percent contraction, it could raise concerns about the state of the US economy. This, in turn, may dampen expectations of a 'soft landing' and put downward pressure on the US dollar, potentially giving gold an additional boost."
The stability in gold prices at the beginning of the week suggests that investors are carefully evaluating economic indicators and central bank decisions, making it a pivotal time for gold market observers.
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By: Vibha Kapoor
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