Gold prices dived by Rs 3,411 in the souk market of Dubai in both 22K and 24K as India celebrated Eid al-Adha which is commonly known as Bakra Eid on June 17. Dubai and other Middle East countries celebrated Bakrid on June 16. Gold has been in demand due to the occasion.
Gold Prices In Dubai:
In Indian rupees, gold slipped by Rs 3,411 in 24K of 100 grams in Dubai to Rs 6,39,053 compared to the previous day. 10 grams dipped by Rs 341 to Rs 63,905. Gold was down by Rs 273 in 8 grams and by Rs 34 in 1 gram in a single day.
Meanwhile, 22K of 100 grams also fell by Rs 3,411 to Rs 5,91,863 on June 17 compared to the previous day. 10 grams divided by Rs 341 to Rs 59,186, while prices of 8 grams and 1 gram also edged lower by Rs 273 and Rs 34 respectively.
In dirhams, both 22K and 24K gold prices declined by 1.50 AED to 150 AED. On the other hand, gold was down by 1 AED to 100 AED in 18K.
22K of 100 grams is at 26,025 AED in Dubai currently, while 10 grams is at 2,602.50 AED. Further, 24K of 100 grams is at 28,100 AED and that of 10 grams is at 2,810 AED. Lastly, 18K of gold in 100 grams is at 21,600 AED, while 10 grams is at 2,160 AED.
As per Axis Securities, gold prices have been consolidating in a range for the past few days, as seen on the chart.
The brokerage added, "We have observed a double bottom pattern on the hourly chart, with the neckline placed around the 71750 level. A breakout above this level will be a bullish sign for prices, potentially rallying up to the 72500 level by next week. Buying is recommended above the 71750 level, targeting 72000 on an intraday basis."
Last week, gold was broadly volatile after its four consecutive weekly surge. This comes after softer-than-expected inflation data heightened hopes of early rate cuts by the US Federal Reserve this year.
Earlier this week, the FOMC gave hawkish outcomes despite US inflation data coming softer than expected. Fed kept key fund rates at a 23-year high of 5.25-5.5% for the seventh time in a row. Instead of earlier three rate cut expectations in 2024, the Fed now expects only 1 rate cut this year and hints at four rate cuts in 2025.
The market believes there is a 70% probability of a 25 bps rate cut by FOMC in September policy, as per the CME FedWatch Tool.
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