UAE gold prices set to break longest losing streak in 7 years: Is it time to buy?

Photos

Login / Sign Up

Tuesday, December 24, 2024

Gold / Forex

Photos Business

UAE gold prices set to break longest losing streak in 7 years: Is it time to buy?

In the UAE, 24K opened at Dh221.25 per gram

Published: October 05, 2023 10:16 Reuters and Compiled by Lekshmy Pavithran, Assistant Online Editor

1 of 10

STOCK DUBAI GOLD / SHOPPING / DEIRA / GOLD / SOUQ — Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Image Credit: Virendra Saklani/Gulf News

2 of 10

Stock Dubai Gold — Spot gold rose 0.3 per cent to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. US gold futures gained 0.3 per cent to $1,840.90. Image Credit: Clint Egbert/Gulf News

3 of 10

STOCK DUBAI GOLD / SHOPPING / DEIRA / GOLD / SOUQ — The price of gold in the UAE increased slightly on Thursday, with 24-karat gold opening at Dh221.25 per gram, up from Dh220.50 at the close of trading on Wednesday. Other gold karats also saw modest gains, with 22-karat gold opening at Dh205 per gram, 21-karat gold opening at Dh198.25 per gram, and 18-karat gold opening at Dh170 per gram. Image Credit: Virendra Saklani/Gulf News

4 of 10

STOCK DUBAI GOLD / SHOPPING / DEIRA / GOLD / SOUQ — "While there is an attempt for gold prices to stabilize into today's session, there is not much conviction of a reversal just yet," IG market strategist Yeap Jun Rong said. Image Credit: Virendra Saklani/Gulf News

5 of 10

RDS_181230-Personality-affects-paycheck — Any moves before the US non-farm payroll this week may be short-lived, with the official job data still the key catalyst in dictating market direction ahead, along with the US CPI data next week, he added. Image Credit: Agency

6 of 10

Global Payroll Technology – Plug & Play - Mercans v2 — Data on Thursday showed US private payrolls increased far less than expected in September. Markets now await the Labor Department's more comprehensive employment report on Friday. Image Credit: Supplied

7 of 10

gold, gold price, gold bars, gold coins, gold graph — Benchmark US 10-year bond yields fell from 16-year highs on Thursday and the US dollar was 0.2 per cent lower, allaying some pressure on non-yielding gold. Image Credit: Shutterstock

8 of 10

STOCK DUBAI GOLD / SHOPPING / DEIRA / GOLD / SOUQ — SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5 per cent to 869.31 metric tons on Wednesday, its lowest since August 2019. Image Credit: Virendra Saklani/Gulf News

9 of 10

Gold coins, gold bars — The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1 per cent to $21.19 per ounce, having slipped to its lowest since mid-March this week. Image Credit: Shutterstock

10 of 10

JEW SHOW 5-1695823796773 — Platinum gained 0.5 per cent to $870.16, rising from its lowest in a year hit in the last session, and palladium firmed 1.2 per cent to $1,181.15, off a 5-year low touched on Wednesday. Image Credit: Ahmed Ramzan

Latest In

This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you. Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.