UAE: Gold prices slip after hitting new all-time high
Gold prices hit a new all-time high on Monday evening but slipped at the opening of markets on Tuesday.
On Tuesday morning, at 9am UAE time, 24K and 22K fell Dh2 per gram to Dh354 and Dh329.25 per gram, respectively. Among the other variants, 21K and 18K opened at Dh315.75 and Dh270.75 per gram, respectively.
Globally, gold was trading at $2,937.53 per ounce, down 0.3 per cent at 9.10am UAE time.
The yellow metal hit an all-time high of $2,956.15 per ounce yesterday evening.
Samer Hasn, Senior Market Analyst at xs.com, said the continuation of the general upward trend in gold recently coincided with the influx of a set of negative signs about the future of economic activities and the labour market in the US.
'These sources of uncertainty are added to those prevailing globally with anticipation of developments in the trade war between the US and the world,' he said.
'Investors believe that in the coming weeks and months or longer than that gold prices are going to continue to appreciate,' said Jim Wyckoff, a senior market analyst at Kitco Metals.
'The path of least resistance for gold remains sideways to higher and as long as uncertainty persists, gold is likely to continue rising,' added Wyckoff.
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