Friday, June 21, 2024
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UAE: Early Trading Shows that Gold Prices are Still Rising

At Friday morning’s market opening in the United Arab Emirates, gold prices were up.

The yellow metal’s 24K variation was trading at Dh288 per gram, down from Dh287.5 at the close of business last night. The prices per gram for the other variations were Dh266.75, Dh258.25, and Dh221.25 for 22K, 21K, and 18K, respectively.

Exchange-traded fund (ETF) investors, many of whom have been net sellers since 2022, when the interest rate cycle began, are expected to resume their demand for gold once the rate-cutting cycle kicks in later this year, according to Ole Hansen, head of commodities strategy at Saxo Bank.

“This procedure assisted in lowering the cost of retaining gold that pays no interest compared to US T-bills, which currently yield a return of more than 5% over 12 months,” he stated.

Hansen said, “Gold has remained above technical levels during this most recent shallow consolidation phase, which would have otherwise resulted in a lengthy liquidation of managed money accounts. In the futures market, it currently maintains a high speculative long position. The gold prices have been mostly dictated by the US Federal Reserve’s decision to cut rates and geopolitical tension in the region.

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