UAE: When can you buy gold at a cheaper rate? Prices to fall before end of 2023

UAE: When can you buy gold at a cheaper rate? Prices to fall before end of 2023

Dubai: With the price of gold hovering at record-high levels of late, public demand for such jewellery has been dropping as costs became well out of reach for buyers in the UAE, and beyond. But when are prices next expected to turn affordable?

“I still foresee gold to trade higher in the long term on the back of long-term effects of rate hikes, but in the near term into the end of 2023, I won't rule out any profit-taking or pullback in prices," opined Georgina Effel, a Dubai-based precious metals retail analyst.

“While there is scope for some pull back of gold's recent gains, expect safe-haven buying to raise prices. Analysts have widely subsequently raised end of 2023 target to $1,900 (Dh6,978) per ounce from $1,942.40 (Dh7,134.48) currently.”

In the UAE, the 24-karat gold price opened lower at Dh234.50 per gram on Monday as compared to last night’s closing rate of Dh235.25. Similarly, 22-karat, 21-karat and 18-karat also opened lower at Dh217.25, Dh210.25, and Dh180.25 per gram, respectively. Check the latest rates here.

I still foresee gold to trade higher in the long term on the back of long-term effects of rate hikes - Georgina Effel

Gold still a safe haven?

The yellow metal has always