According to Dubai Jewellery Group data, the 24K, 22K, and 21K variants of gold were trading at Dh277.75, Dh257.25, and Dh249.0 per gram, respectively, unchanged from last week’s close.
However, the 18K gold variant opened slightly higher at Dh213.5 per gram on Monday, compared to 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, surpassing the peaks of April but failing to consolidate near all-time highs. Over the past two weeks, the price has fluctuated between $2,330 and $2,360, showing a slight downward trend visible on daily candlestick charts.
Currently, gold has dropped to the support level of the 50-day moving average, attracting temporary interest from short-term buyers. This 50-day moving average has effectively acted as uptrend support since last October.
Further declines in prices for raw material assets could cause gold bulls to capitulate.
