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Dubai: 24K gold prices likely to trade between Dh210 and Dh225 this week waheedabbas@khaleejtimes.com Filed on July 25, 2021
The precious metal was seen touching $1,775 an ounce but will regain some of the losses later this week.
Gold prices for 24K are likely to trade between Dh210 and Dh225 per gram in Dubai this week, according to commodity analysts.
The precious metal has had a very choppy last week closing at $1,802.3 per ounce, down by 0.29 per cent. In the UAE, 24K precious metal closed at Dh218.25 per gram, 22K at Dh205.0, 21K at Dh195.75 and 18K at Dh167.75 per gram.
Dubai: 24K gold price likely to trade between Dh215 and Dh225 this week
Reuters
Upbeat US retail sales data on Friday charged up the dollar and weighed on gold.
Gold prices in Dubai are expected to remain range-bound, with 24K likely to trade between Dh215 and Dh224 per gram this week, according to commodity analysts.
The Dubai Gold and Jewellery Group data showed 24K closed the week at Dh219.5 per gram, while 22K, 21K and 18K ended at Dh206.25, Dh196.75 and Dh168.75, respectively.
Globally, the yellow metal closed at $1,812.36 per ounce on Friday, down 0.94 per cent.
The precious metal rose to $1,834 an ounce in the middle of last week but gave up most of its gains to end the week modestly higher.
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Dubai: 24K gold prices seen rising up to Dh225 this week
File photo
Commodity analysts say there is potential for a further positive push in gold prices.
Gold prices will be dictated by three main events this week – the US inflation data, China’s second-quarter GDP report and US retail sales.
Commodity analysts say that any disappointing data from the US and China would suggest weakness persisting across the world’s two largest economies and benefit the safe-haven gold.
Meanwhile, traders will also monitor the earnings from banks and US Federal Reserve chairman Jerome Powell’s speech for more clues about the Tapering timeline.