Gold Price In Dubai After Continuing Decline … What Is Next ?

Gold lovers can get special deals in Dubai in the wake of recent price declines, but the precious metal could make some significant gains again before the end of the year.

According to the latest analysis, gold prices could continue to decline, before reaching an average of $ 1,300 per ounce by the end of 2017, according to Gulf News.

“Gold prices could drop around $ 1.250 an ounce,” said Georgette Boyle of ABN Amro. “We expect gold prices to fall and move back higher as US real yields fall and the US dollar retreats again at the end of 2017 and the beginning of 2018.”

The price of bullion rose slightly on Wednesday, prompting jewelry prices to rise by about 50 fils. As of 10:00 am, the price of gold was 24 carats at 154.50 dirhams per gram, while the closing price on Monday was 154 dirhams.

The price of other pieces of jewelry rose, with the price of gold 22 to 145 dirhams, compared to 138.50 dirhams and 118.75 dirhams for gold 21 and 18, respectively. With the dollar falling, according to Reuters. The price of precious metal fell to its lowest level since mid-August to $ 1.267.67 on Tuesday.

Given the low focus now on geopolitical risks, factors that could affect gold prices over the next few days or weeks include the performance of the US dollar and talk of further interest rate increases before the end of the year and US taxes.

“The price of gold fell to a six-week low in response to rising US revenues and the dollar’s rise,” said Ole Hansen, head of commodities strategy at Saxo Bank. “Expecting a rate hike in December and US tax reform plans, US manufacturing, which expanded at the fastest pace in 13 years, has reduced the focus on geopolitical risks. ”

“With inventories falling to record high, the volatility and geopolitical risk index has fallen at least temporarily, the demand for diversification and risk protection eventually faded over the past two weeks,” he said.

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