If you need to make an investment decision about UAE gold this week, keep reading. Rates have fallen recently, making a trip to jewellers like Dubai’s gold souk look like a pretty good idea. You can check the current gold rates for Dubai and UAE
At last look, 24-karat gold was trading at DR145. That was down DR1 from last week and was a change echoed across the board, in 22K, 21K, and 18 karat versions. Although there’s no looking into the future when it comes to precious metals, current prices do seem like a great opportunity to stock up on the shiny investment vehicle. Check out where and when to buy gold here
Two factors that might be influencing current levels come from opposite sides of the world. The US dollar has strengthened recently, whereas, in China, the government has slashed the amount of cash that banks are allowed hold in reserve. They’re both likely culprits for the drop in gold spot prices.
As ever, opinion is divided about what gold’s future movements are likely to be. A recent survey by Kitco says that more than half of Wall Street professionals expect the price to rally this week, while gold pundit Vijay Valecha of Century Financial highlighted a specific event – the release of the US non-farm payrolls report – as something that could be expected to put pressure on gold prices.
“This is a number that is keenly watched by analysts across the spectrum as they have huge influence on all asset classes. The most eagerly awaited data point will be wage gains, Any sign of acceleration here can pressure gold prices,” Valecha said.
This opinion was echoed by Karim Merchant, managing director of Pure Gold Group, who also mentioned the US report as well as delving deeper into the effect of the Italian crisis on the price of gold.
“A number of factors could push gold prices down, including the Italian government’s plans to deal with its economic problems that could affect the European Union, price changes or crude oil and continued strengthening of the dollar,” he explained.
Either way, right now, gold prices are looking good, so if you’re planning on making a move, now might be the time to do so.