Gold prices witnessed an upward movement on the initial trading day of the New Year in the UAE, with a notable increase of Dh0.75 per gram on Tuesday.
Dubai Jewellery Group Data
Data from the Dubai Jewellery Group revealed that the 24K gold variant started at Dh250.5 per gram, showcasing an uptick from the previous week’s closing rate of Dh249.75 per gram. The opening rates for 22K, 21K, and 18K were recorded at Dh232.0, Dh224.75, and Dh192.5 per gram, respectively.
Spot Gold Performance
At 9:45 am UAE time, spot gold demonstrated a 0.45% increase, reaching $2,072.15 per ounce. This surge was attributed to the prospect of anticipated interest rate cuts in 2024 by the US Federal Reserve.
Market Dynamics and Reversal
Gold experienced a decline in the third quarter of 2023 with the strengthening of the dollar and Treasury yields. However, the trend reversed in the fourth quarter when both the greenback and yields saw a significant decrease.
Expert Perspectives
Richard Snow, a strategist at dailyFX, emphasized gold’s role as a safe-haven asset during periods of banking turmoil and conflicts, expecting favorable conditions for precious metals in 2024.
Rania Gule’s Forecast
Rania Gule, market analyst at XS.com, anticipates gold prices to maintain levels above $2,000 in the short term.
Key Support Level and Bullish Trend: Gold Prices
Kelvin Wong, a senior market analyst for Asia Pacific at Oanda, notes that the short-term bullish trend in gold remains intact, particularly above the key support level of $2,017 per ounce.
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