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UAE Gold Prices Drop on Tuesday
Gold prices in the UAE declined on Tuesday trading, with the 21-karat gold reaching approximately 471.25 AED. The decrease was influenced by the rising US dollar, higher US bond yields, and expectations of an interest rate hike in the US to around 60% following strong labor market data. However, geopolitical risks and increased oil prices supported demand for gold as a safe haven. The market continues to see strong support at $4,400 per ounce and resistance around $4,500. Traders are awaiting US inflation data to determine the direction of monetary policy, which could impact gold prices in the future.
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