Gold prices in Dubai registered an uptick on Tuesday morning, reflecting a global trend as the dollar and Treasury yields retreated from their recent highs. This rise coincides with the anticipation of key US inflation and jobs data due this week.
According to data from the Dubai Jewellery Group, the 24K variant of gold was trading at Dh233.0 per gram, marking a slight increase from Dh232.25 per gram at Monday’s market close. Additionally, other gold variants including 22K, 21K, and 18K opened higher at Dh215.75, Dh209.0, and Dh179.0 per gram, respectively, at 9 am UAE time on Tuesday. Notably, spot gold experienced a 0.12% increase, reaching $1,923.59 per ounce by 9:20 am UAE time.
Financial analysts have noted that gold has maintained stability despite recent selloff attempts, following remarks from US Federal Reserve Chairman Jerome Powell reaffirming the Fed’s long-term inflation target. While caution prevails, traders and market experts are observing the precious metal’s upward trajectory in recent weeks, anticipating potential resistance levels at $1,924 and $1,936.
