Gold prices opened on a positive note in the UAE on the first trading day of the week, rising by half a dirham.
The Dubai Jewellery Group data showed 24K trading at Dh233.5 per gram on Monday morning as compared to last week’s close of Dh233.0 per gram. While 22K, 21K and 18K also opened higher at Dh216.25, Dh209.25 and Dh179.25 per gram, respectively, at 9 am local time.
Globally, spot gold was up 0.28 per cent at $1,928.61 per ounce by 9.12 am UAE time
Investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting this week with a focus on the US central bank's rate outlook.
Daniel McCarthy, strategist, dailyFX, said the yellow metal price added to last Friday’s gain to start the week with risk aversion creeping into markets on Monday ahead of several central bank meetings this week.
“Spot gold had seen a range of $1,885 – $1,997 over the past 4 months. A break on either side could be the catalyst for momentum to unfold in that direction,” said McCarthy.
He said support for the precious metal could be in the $1,885-$1,895 area where there are a series of prior lows. On the topside, resistance might be at the recent peaks of $1,953 and $1987 or the psychological level of $2,000 where there is also the breakpoint nearby.
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