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Saturday, March 2, 2024

Gold Prices in Dubai Sustain Rally During Early Trading Hours-1

Gold prices in the UAE continued their ascent on Tuesday morning, driven by the weakening US dollar and Treasury yields. According to data from the Dubai Jewellery Group, 24K gold traded at Dh246 per gram, showing a slight increase from Dh245.75 at the previous day’s market close. Other gold variants, including 22K, 21K, and 18K, also experienced gains.

Steady Spot Gold and Market Dynamics

Spot Gold at $2,032.99 per Gram at 9:12 am UAE Time

Spot gold remained stable at $2,032.99 per gram at 9:12 am UAE time, slightly down from $2,087.79 per ounce in the early hours. Despite reaching an all-time high of $2,135.40 on Monday, gold saw a decline of over $100 in a single day, closing two per cent lower.

Recent Surge and Analyst Insights: Gold Prices

Historical Price Maximums and Market Correction Patterns

The recent surge in gold prices has been notable, reaching $2,075 on Friday evening and hitting $2,135 on Monday, marking a new historical price maximum. Analysts, including Alex Kuptsikevich, senior market analyst at FxPro, noted the market dynamics, suggesting a washout of bears in gold and emphasizing the potential risks of joining the upward move at this point.

Kuptsikevich’s Analysis and Future Outlook

Kuptsikevich highlighted the significance of the next few days in determining the subsequent trend in gold. The ability to maintain levels above $2,050 would signal continued extreme bullish sentiment. Drawing on historical patterns, he pointed out the sharp and deep corrections that gold experienced after previous highs in 2011 and the last three years.

Market Monitoring and Strategic Considerations

Investor Focus and Analyst Vigilance

As gold prices remain in focus, investors and analysts are vigilantly monitoring market dynamics and trends to navigate potential opportunities and risks in the ever-evolving precious metals market.

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