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.
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.