24K falls to Dh533.75 per gram as stronger dollar triggers profit-taking; market watchers suggest current levels could appeal to buyers.
Gold prices in Dubai declined for a second straight session on Thursday, driven by a stronger US dollar and profit-taking by global investors. The drop offers a potential window for shoppers considering gold jewellery and coins.
At market open, 24K gold eased by Dh2.5 to Dh533.75 per gram. Similarly, 22K traded at Dh494.25, down Dh2.25. Other variants also opened lower: 21K at Dh474.0, 18K at Dh406.25, and 14K at Dh317.0 per gram. Globally, spot gold fell 0.57% to $4,427.34 per ounce (9:15 AM UAE time).
“The strengthening US dollar caused gold to retreat, but the metal remains in a strong position, supported by expected central bank activity in a bipolar world,” said Alex Kuptsikevich, chief market analyst at FxPro.
Market analyst Linh Tran of xs.com noted that gold approached $4,500 an ounce before pulling back. “The broader uptrend remains intact, supported by macroeconomic and geopolitical fundamentals. However, as prices near psychological and historical highs, technical corrective pressure has increased,” Tran explained. He added that recent US data indicates slowing growth but not a sharp downturn, creating a relatively stable backdrop for gold’s advance.
With prices softening over recent days, analysts suggest the dip may present an attractive entry point for retail buyers ahead of potential rebounds.
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