Globally, spot gold prices were largely unchanged from the previous session, trading at $4,392.19 an ounce, up 0.31 per cent. Silver prices stood at $65.14 an ounce, gaining 0.92 per cent.
Gold prices in Dubai eased on Tuesday morning, although expectations of lower US yields, a weaker dollar and resilient technical indicators continued to support the outlook for further gains in gold.
The 24K gold price opened at Dh529.50 per gram on Tuesday, down from Dh530.75. Meanwhile, prices for other variants — 22K, 21K, 18K and 14K — stood slightly higher at Dh490.25, Dh470, Dh402.75 and Dh314.25 per gram, respectively.
Globally, spot gold prices were largely unchanged from the previous session, trading at $4,392.19 per ounce, up 0.31 per cent. Silver prices also edged higher, reaching $65.14 per ounce, a gain of 0.92 per cent.
Analysts said the recent pullback in gold appears to be a period of healthy profit-taking rather than a reversal of the broader bullish trend.
Gold began the week on a stronger note after falling 1.3 per cent on Thursday, with weaker-than-expected US retail sales reinforcing expectations of a more accommodative Federal Reserve. Softer economic data has also pushed Treasury yields lower and weighed on the dollar, creating a supportive macroeconomic backdrop for non-yielding assets such as gold.
“With US economic momentum showing signs of moderation, front-end yields could move lower while expectations for Fed easing remain supportive,” said Vijay Valecha, CIO of Century Financial.
“A weaker dollar also provides an additional tailwind for bullion, keeping the path of least resistance higher. The recent divergence between gold and other macro drivers is therefore worth monitoring, but does not yet undermine the broader bullish setup,” he added.
On the daily chart, gold is testing the $4,400 level. Valecha said a sustained break above this threshold could pave the way for further gains towards $4,450, followed by $4,500.
“On the downside, $4,350 remains the key near-term support, with the broader bullish structure intact as long as prices hold above this area,” he said. “Overall, improving expectations for lower US yields, a softer dollar and resilient technical structure continue to favour further upside in gold.”
Silver, meanwhile, extended its recovery after breaking above a descending trendline. The metal is testing resistance at $66.40, with a sustained break above this level potentially opening the way towards $68. Support remains at $64.30, with the broader bullish structure intact as long as prices remain above this level.
