On Wednesday morning, gold prices have fallen in UAE and around the globe after rising to $1,800 per ounce last Tuesday. Along with this, spot gold slips to $1,797.28 an ounce (0.2%), and precious metal prices in the UAE have dropped to Dh0.75 per gram.
The Dubai Gold and Jewellery Group data showed 24K trading at Dh217.75 per gram while 22K, 21K, and 18K opened at Dh204.5, Dh195.0, and Dh167.25 per gram.
Vijay Valecha, chief investment officer, Century Financial, said immediate support for the gold is seen near $1,780. In the UAE, he sees 24K gold price trading between Dh214.5 and Dh220.5 this week.
Gold gained on Tuesday evening as expectations for aggressive global central bank tightening eased after the Reserve Bank of Australia said they are in no rush to raise rates and as some traders doubted the Fed would kick off tightening with a half-point increase.
Edward Moya, senior market analyst at Oanda mentioned that as of now gold is lingering at $1,800, however, if selling pressure rises, it could get extremely aggressive at a faster pace as the momentum traders are watching.