Gold price rally continues in Dubai on Friday as the precious metal heads towards Dh550 per gram.
According to Dubai Jewellery Group data, 24K gold price jumped Dh3 per gram to Dh547 at the market open on Friday. It has gained Dh6 per gram in the past 24 hours and approximately Dh60 per gram this month so far.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Among the other variants of the precious metal, 22K, 21K and 18K were trading higher at Dh506.5, Dh485.75 and Dh416.25 per gram, respectively.
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, Century Financial, said 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, and a break above this level would open the path toward $4,600-4,700 and the $4,773 zone further out. On the downside, support holds at $4,461-4,489, with deeper support near $4,400. As long as gold holds above this zone, the current pullback looks more like profit-taking within a broader bullish structure than the start of a reversal,” he said.
Rania Gule, senior market analyst for Mena at xs.com, said gold has entered a highly sensitive phase after a powerful rally pushed the precious metal above the $4,500-per-ounce level, bringing it firmly back into the spotlight following a surge of more than 3 per cent in a single session.
“Although prices have pulled back slightly from their recent peak, I do not see this decline as a clear signal that the bullish trend has ended. Instead, I view it as more of a natural profit-taking move following the sharp rally,” she added.
Source: Khaleej Times