Dubai Jewellery Group data shows that gold prices were flat on Friday morning, and that the precious metal is projected to trade in a limited range in the near future. On Friday morning, the price of 24 Karat gold was Dh563.5/g, an increase of half a dirham/gram. Different varieties of the yellow metal were selling for different amounts per gram: 22K, 21K, 18K, and 14K, with prices ranging from Dh521.75 to Dh334.5.
When it failed to maintain its upward pace, gold retreated from its top near the $4,800 level. But rather than indicating a change in the overall trend, the present correction is mostly technical in character. Precious metal prices have recovered in early April after a precipitous fall in March, suggesting that fundamental demand has not been affected.
According to Linh Tran, a market analyst at xs.com, there has been a noticeable conflict in recent price action between continuous pressure from high Treasury yields and a strong US currency, which is related to ongoing inflation fears, and safe-haven demand, which is driven by protracted geopolitical risks. However, selling pressure is no longer the main factor, as gold has recovered strongly from its recent low of almost $4,100 an ounce.
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