Dubai Gold Prices Soar to New Heights, Up $60 Per Gram This Month
Dubai's gold market continued its upward trend on Friday, with prices reaching new heights. According to data from Dubai Jewellery Group, 24K gold price jumped Dh3 per gram to Dh547 at the market open, representing a gain of Dh60 per gram so far this month.
The price increase is not limited to 24K gold, as other variants such as 22K, 21K, and 18K also saw higher prices. The spot gold was trading above Dh4,500 an ounce, at $4,536 per gram, up 0.5 per cent in early trade.
Vijay Valecha, Chief Investment Officer of Century Financial, noted that gold is completing a rounded-bottom recovery on the daily chart, having reclaimed the $4,461, $4,490 zone after basing in the $4,000-4,100 region through June and August. Immediate resistance sits at $4,525, with potential targets above this level.
Rania Gule, senior market analyst for Mena at xs.com, said that gold has entered a highly sensitive phase following its powerful rally, but views the current pullback as natural profit-taking rather than a sign of a reversal.