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Spot gold was up 0.13% at $1,649.8 by 9.20am UAE time
Gold prices in the UAE and globally started the week higher on Monday morning, supported by technical trading after sharp losses in previous sessions and a pause in the dollar’s rally.
Spot gold was up 0.13% at $1,649.8 at 9.20am UAE time.
In the UAE, the precious metal recovered by half a dirham per gram at the open on Monday.
24K gold opened at AED 199.75 per gram on Monday, compared with the previous close of AED 199.25.
Among other variants of gold, 22K is trading at AED187.75 per gram, 21K is trading at AED179.0 per gram and 18K is trading at AED153.5 per gram.
Gold prices fell about 3% last week, said DailyFX strategist Dubrovsky.
Gold is back in danger territory as it moves dangerously close to September lows, said Edwar Moya, senior market analyst at Oanda.
“If gold breaks below $1,620, bearish momentum could target the psychological $1,600 mark,” he said.
Gold prices had another bad week in terms of Friday’s performance, said Naeem Aslam, chief market analyst at Ava Trade.
“The biggest influence on gold is the U.S. dollar index. It is clear that the Fed will continue to raise rates and there is no sign that they will slow monetary policy anytime soon.
“Traders will be keeping a close eye on the U.S. Empire State Manufacturing Index due at 12:30 GMT, which is expected to bring more volatility to the U.S. dollar index. A strong number could push the U.S. dollar index higher, so we May see further weakness in gold price action,” he said.
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