Due to the Israel-Iran conflict, gold prices in the United Arab Emirates fell little when markets opened on Monday morning, although they were still trading near a two-month high. According to the Dubai Jewellery Group statistics, 24K was trading for Dh413.0 per gramme on Monday morning, down from Dh413.5 at the weekend’s market closing.
The prices of 22K, 21K, and 18K per gramme were Dh382.75, Dh367.0, and Dh314.5, respectively, among the other varieties. Spot gold was down 0.43 percent at $3,418.76 an ounce. Rising gold prices may hampered the UAE’s desire for gold and jewellery before the summer vacation travel season. As citizens take summer holidays to their home countries, demand for jewellery from several jewellers in Dubai is increasing. Because of the geopolitical unrest in the Middle East, analysts predict that gold prices will continue to rise.
The current Iran-Israel confrontation is increasing the combined political risk premium, which is driving up demand for gold as a safe haven. There is a definite break over $3,400, and the short-term upward trend is still in place. We are seeing a resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level,” said Kelvin Wong, a senior market analyst, Asia Pacific at Oanda.
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