For the second week in a row, gold prices in the United Arab Emirates remained below Dh500, falling Dh4.75 per gram on Monday. For Monday’s market opening, the 24K version of the precious metal was trading for Dh488 per gram, down from Dh492.75 at Friday’s market closing.
As of 9:25 a.m. UAE time, spot gold was trading at $4,051 per ounce, down 0.72 percent globally. Silver dropped to $58.2 per ounce after losing about 1.1%. According to Vijay Valecha, chief investment officer of Century Financial, selling pressure on precious metals persisted as gold dropped 2.71 percent on Wednesday and another 0.50 percent on Thursday, breaking below the $4000 barrier.Technically, gold prices have reached levels last seen in November 2025, dropping below a crucial support level from the lows on June 11th near $4,023, indicating a short-term pessimistic outlook, he said.
However, from an intraday standpoint, a bullish RSI divergence appears to be forming by connecting the lows of June 11 and June 25, potentially offering trading opportunities. The analyst also said that pressure on metals is still present as the US dollar rises due to expectations of increased US interest rates.
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