In early trade, Dubai witnesses a dip in gold prices, with its variants 22K, 21K, and 18K opening at Dh227.25, Dh220, and Dh188.50 per gram, respectively, down by Dh0.25 per gram.
Steady Spot Gold Amidst Investor Caution
Spot gold remains steady at $2,026.22 per ounce at 9:14 am UAE time, as investors exercise caution ahead of the US jobs report after a volatile week for the precious metal, as noted by analysts like Zain Vawda from dailyFX.
Gold’s Support Near $2,000 Per Ounce: Gold Prices
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, emphasizes that gold finds support near $2,000 per ounce due to falling US yields and a waning appetite for equities, contributing to the flow of capital toward the precious metal.
Central Banks’ Gold-Buying Trends: Gold Prices
Data from the World Gold Council reveals a slowdown in central banks’ gold-buying in October, with reported global net purchases totaling 42 tonnes, a 41% decline from September’s revised total of 72 tonnes. Despite the slowdown, the trend remains robust, standing 23% above the January-September monthly average of 34 tonnes.