Vijay Valecha, Special to Khaleej Times July 25, 2021
The precious metal was seen touching $1,775 an ounce but will regain some of the losses later this week.
Gold prices for 24K are likely to trade between Dh210 and Dh225 per gram in Dubai this week, according to commodity analysts.
The precious metal has had a very choppy last week closing at $1,802.3 per ounce, down by 0.29 per cent. In the UAE, 24K precious metal closed at Dh218.25 per gram, 22K at Dh205.0, 21K at Dh195.75 and 18K at Dh167.75 per gram.
Rashad Hajiyev, founder and senior analyst at RM Capital, forecast that the yellow metal will touch $1,775 but will regain some of the losses later.
“As open interest on the Comex for gold August 2021 futures expires at July-end, expect one more sharp pullback towards $1,775-$1,785 during the second half of this week followed by a quick recovery,” said Hajiyev.