Gold prices fall in UAE, 22k lowest in weeks: a smart time to buy? , world News

In UAE, 22k gold dropped to DH370.25 per gram, 9 June/ its lowest price since image: File

Dubai’s Gold Market took a significant dip overnight, with the price of 22k gold from DH7 to DH370.25 per gram, the lowest level since 9 June, when it touched DH369.75 briefly. Only eleven days ago, on 13 June, gold was selling for DH383.50 per gram, meaning that the current rate is DH13.25 less, a big dip in less than two weeks. The prices of other gold variants have followed the suit:

The downward trend in gold prices is not isolated for the United Arab Emirates .. In international markets, the spot gold fell rapidly at $ 80 an ounce, now a decline of 2.4% in early Tuesday to $ 3,299.92, about $ 3,299.92, approximately $ 3,299.92, 2.4%. Gold futures for August delivery, which shows what traders expect prices in the near future, also slipped to $ 3,322.40 per ounce, the record reached on 13 June on 13 June.The recession did not stop there. Prices were subsequently submerged during the day, Spot Gold fell another 1.5% to $ 3,315.20, since June 10, its lowest level fell. US Gold Futures followed the suit, falling 1.8% to $ 3,330.80.On the technical side, investors who often look at the market movement, gold, now gold has now fallen below its 20-day average, a sign that the short-term trend has weakened. Another leading indicator, the relative power index (RSI), also slipped below 50, something that has not happened since mid -May, when prices briefly fell to $ 3,120. While these signs can be complex, they usually point to a market that is losing upwards, at least for now.

Why is gold falling now?

This recession in gold prices is one of the major drivers of the recent gold rally, amidst the widespread cold of geo -political tension in the Middle East. A ceasefire agreement between Israel and Iran, declared by US President Donald Trump on his social media platform, is in the heart of this development. The declaration followed the weeks of retaliation back and forth between the two countries, which had earlier inspired investors to sleep as a safe shelter. With the possibility of broad regional conflict, now investors are retreating hunger for commissioning, sleeping. Saxo Bank analysts said, “Gold Retreat was retreat when Trump said that Israel and Iran had agreed to a ceasefire,” Saxo Bank analysts said. Although the Trus is considered critical, with allegedly having minor violations, the financial markets are currently pricing at low geophysical risk, causing gold pullbacks being triggered. In addition, global investors are contributing to the pressure under gold, which are returning to the risk of risk.

What experts are saying: major support level and approach

Despite the current recession, analysts are closely looking at technical levels and comprehensive economic signals to gauge the next step of gold. “While the pullback is controlled, $ 3,330 is a significant support level. A break below may indicate a deep improvement,” said Capital.com’s senior market analyst Daniella Sabin Hathorn. He also stated that when the immediate approach indicates a more negative risk, long-term basic things persist, including constant geopolitical uncertainty and persistent inflation concerns, both support gold appeal over time. Traders and analysts are also looking for signals from the US Federal Reserve. The upcoming testimony of Fed Chair Zerome Powell is expected to indicate future US interest rates. Any signs of monetary ease can lend new support for gold prices by making non-yiling assets more attractive.

What does this mean for UAE buyers

For buyers in the United Arab Emirates, whether investing in gold bars or buying jewelery, this price drop can represent the opportunity to buy on time. A DH13 translates for significant savings on the drop bulk purchase per gram, especially with gifting opportunities on the wedding season and horizon. However, experts urged the experts to take care and focus on market signals. Gold has a history of rebounding quickly, especially when global uncertainty emerges again. Analysts said, “If geopolitical risks are decreasing, gold prices may be more soft in the short term,” analysts stated that the importance of purchase of time was highlighted.

For now, UAE shopkeepers can get the price in today’s prices, but should be cautious to rapidly growing global phenomena that can quickly reverse this trend.