Gold prices in UAE remained steady on the first trading day of the week in the United Arab Emirates (UAE).
According to Dubai Jewellery Group data, the 24K, 22K and 21K variants of the precious metal were trading at Dh277.75, Dh257.25 and Dh249.0 per gram, respectively, remaining unchanged from last week’s close.
18K opened slightly higher at Dh213.5 per gram on Monday than at Dh213.25 per gram at the end of last week.
Globally, gold was trading at $2,295.57 per ounce, down 0.14 percent.
In May, the gold price climbed towards $2,450, above the peaks of April, but failed to consolidate near all-time highs. During the last two weeks, the price has changed in the range of $2,330-2,360, with a slight downward trend, which can be seen on the daily candlestick charts.
Right now, Gold has dropped to support in the form of the 50-day moving average, which is enjoying temporary interest from short-term buyers. The 50-day moving average has effectively acted as uptrend support since last October.
The further declines in prices for raw material assets may cause bulls in gold to capitulate.
