DUBAI, UAE: The gold prices in the United Arab Emirates (UAE) inched higher on Friday morning as geopolitical tension in the Middle East rose after explosions in Israel.
The data released by the Dubai Jewellery Group showed that 24K trading at Dh288.5 per gram at the opening of the markets on Friday as compared to Dh288.25 per gram at the close of the markets on Thursday.
While 22K, 21K and 18K were trading at Dh267.25, Dh258.75 and Dh221.75 per gram respectively.
The Chief Investment Officer Century Financial Vijay Valecha said that gold prices were driven higher by escalating conflicts in the Middle East which increased the metal’s appeal as a safe-haven asset.
Vijay Valecha said that from a technical standpoint, gold is currently trading above its pivot point, indicating a bullish trend.
“Gold prices are forming an upward channel and consistently displaying bullish candles above this moving average. On the downside, immediate support is seen at $2,362, followed by $2,355,” he said.
