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Gold Prices expected to fall in Dubai during this Ramadan

Dubai Gold prices are likely towards downslide this season as 24-karat gold was retailing in Dubai at Dh150.50 per gram which is much lower than the Sunday’s closing price. However spot gold earlier reached $1,248.40 per ounce yet dropped by 0.3 % on Monday.

Dubai

Umar Farooq Zahoor

In accordance with the Merchant gold Gulf News, “Gold prices are currently dependent on the health of the US economy, as the job numbers have been weaker than expected. [Last week] gold prices increased. This inverse relation is expected to continue in the short and medium term till gold sees a new fundamental change.”

Nevertheless, the yellow metal showed some advancement when encountered with $1,300 level on speculations that the United States Federal Reserve would forgo with any rate increases. Whilst due to a sudden happening a fall in prices close to 14 per cent occurred on May 30 eventually took the price below $1,200 an ounce level.

Umar Farooq Zahoor reviews this market contemplation to continue in forthcoming quarter yet if return on gold remained above the 200-day moving averages in at $1,163 per ounce, the upward trend in future is expected to remains in place.