Gold prices falls in global market
28 August, 2024 11:55
Gold Rate in UAE Today: Gold Rate in Dubai – 5th March 2025
Gold prices in the global market slipped by 0.4% on Wednesday as dollar ticked up.
According to report, as the investor await a key U.S. inflation report – which is due this week for more clarity on the size of a likely September rate cut – the gold fell by 0.4% to $2,514.11 per ounce by 0313 GMT.
Bullion hit a record high of $2,531.60 on Aug. 20.
U.S. gold futures were down 0.2% to $2,549.00.
Meanwhile, the dollar index was up 0.1%, diminishing gold’s attractiveness for foreign currency holders.
According to OANDA’s senior market analyst for Asia Pacific Kelvin Wong, Market seems to be waiting for a catalyst to ignite the potential bullish breakthrough above that $2,532 level.
The short-term trend for gold remains strong, with the potential to hit new highs. In the longer term, it may face resistance around the $2,585 to $2,595 range, Wong added.
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