Dubai gold prices opened lower on Wednesday, September 23, as renewed inflation concerns and stronger oil buying interest weighed on precious metals. The 24K gold rate stood at AED 523.50 per gram at the market opening. It was down from AED 526 per gram at Tuesday’s close. Data from the Dubai Jewellery Group showed similar movements across other gold categories.
The 22K rate was AED 484.75 per gram. The 21K rate stood at AED 464.75. The 18K and 14K rates were AED 398.50 and AED 310.75, respectively. Spot gold was trading at USD 4,334 per ounce, up 0.11%. Silver also gained 0.95% to trade at USD 66.66 per ounce.
Vijay Valecha, CIO of Century Financial, said precious metals started the week on a weaker note.
“Metals are under pressure today as renewed inflation concerns and a rise in oil buying interest, after five sessions of declines, weigh on the market,” he said.
Gold prices also faced pressure from expectations of a hawkish Federal Reserve. The US dollar steadied close to its strongest level in two months, limiting gains in the yellow metal. Regional tensions continue to influence market sentiment. Valecha said a meeting involving the Iranian delegation in New York could raise hopes for diplomatic efforts.
Investors are also watching the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. Valecha said that the traders are waiting for developments before making major moves in gold.
“Therefore, gold is likely to stay within its current range unless the Middle East conflict worsens and triggers another surge in oil prices,” he added.
On the technical side, Valecha said gold appears to be losing momentum. Its daily Relative Strength Index fell below the 50 level. Gold traded within a relatively narrow range this month. Valecha identified potential near-term support around USD 4,261 from a rising trendline connecting previous lows. Silver is showing a similar pattern. Its potential support level stands around USD 63.36, based on lows recorded in August and September.
Also Read: Dubai Gold Price Today: 24K Falls to AED 522 per Gram as Dollar Strengthens