Dubai Gold Prices Dip Amid Global Stability
Globally, gold prices held steady on Tuesday morning, trading at $4,392.19 per ounce, up 0.31 per cent. This stability comes as improving expectations for lower US yields and a softer dollar continue to favour further upside in the precious metal.
In Dubai, gold prices eased slightly on Tuesday, with the 24K price trading at Dh529.50 per gram at the open of markets. This is down from Dh530.75, but other variants of gold such as 22K and 18K are trading higher at Dh490.25 and Dh402.75 respectively.
Vijay Valecha, CIO of Century Financial, believes that a sustained break above $4,400 could trigger the next leg higher towards $4,450 or even $4,500 for gold. He also notes that support remains at $4,350, as long as prices hold above this area.
The analyst added that silver is testing resistance at $66.40, with a break above potentially opening the way towards $68.00. However, if silver falls below $64.30, it could undermine the broader bullish structure.