Gold prices opened higher in the UAE on Wednesday morning after falling by nearly Dh3 per gram on Tuesday.
The Dubai Jewellery Group data showed 24K trading at Dh261.50 per gram at the opening of the markets on Wednesday as compared to last night’s close of Dh261 per gram. Among the other variants of the yellow metal, 22K opened at Dh242, 21K at Dh234.25, and 18K at Dh200.75 per gram.
The precious metal prices fell Dh2.75 per gram on Tuesday after hitting a record high last week as prices dropped globally on Tuesday after the US inflation report.
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Spot gold edged up 0.1 per cent to $2,159.25 per gram at 9.20am UAE time on Wednesday.
Vijay Valecha, chief investment officer at Century Financial, said gold experienced a slight retreat in Asian trading on Tuesday but remained close to last week’s record high.
He said the near-term bias still favours bullish traders following last week’s breakthrough from the previous record high.
“Resistance levels are situated at $2,196 and $2,214, posing obstacles for any potential recovery. On the support side, $2,155 and $2,131 are key levels that could halt declines. Meanwhile, the 50-day Exponential Moving Average (EMA) at $2,132 supports a bullish stance over a longer horizon.
“Gold’s current trajectory is precarious below $2,185. Reclaiming ground above this mark may indicate a bullish outlook, while failure to do so could solidify a bearish trend for the precious metal,” said Valecha.