Gold prices in the UAE slipped Dh0.75 per gram at the opening of the markets on Tuesday after making a smart gain of Dh1.25 on Monday.
The Dubai Jewellery Group data showed a 24K variant of the yellow metal trading at Dh263.0 per gram on Tuesday morning, down from Dh263.75 per gram at the close of the markets on Monday. Similarly, 22K, 21K and 18K opened lower at Dh243.5, Dh235.75 and Dh202 per gram, respectively.
Globally, spot gold was slightly down at $2,172.11 per gram at 9.22 am UAE time as investor focus turned to US inflation data due later this week.
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Nick Cawley, a senior strategist at dailyFX, said the positive tone taken by the US Federal Reserve chairman Jerome Powell gave gold the impetus to post a new all-time high before sellers appeared and gold the precious metal lower last week.
“After completing a bullish pennant pattern last week, the daily gold chart is now looking to build another bullish set-up. The current sideways price action may turn into a bullish flag pattern, and this would likely see gold pushback above $2,200 an ounce and test the all-time high at just under $2,225 an ounce. Reasonable first-line support seen a fraction under $2,150 per ounce,” said Cawley.