Page 54 - UNION PROPERTIES GENERAL REPORT - April 2024_Neat

4/16/24, 9:47 AM UAE, Gulf investors cautious after latest Middle East crisis; gold's down, Bitcoin prices regain | Markets – Gulf News
Has gold lost its steam?

Last week, gold had climbed over $2,400 an ounce, part of a surge that saw the safe

haven clear $2,200 and $2,300 recently in double quick time. But after the weekend's

round of Middle East crisis, gold seems to be in retreat for the moment. The price is

stuck at around $2,355-$2,358 levels, with investors likely to have booked some cool

profits at $2,380 levels.

We think the markets’ risks are not over
yet, and volatility is likely to remain high,

mainly in the safe-haven currencies and

assets that include USD, Yen and gold.

- Mazen Salhab - Chief Market Strategist MENA in BDSwiss

Will gold drop further closer to 'Akshaya Trithiya'?

Even with the fall, gold is still not at shopper-friendly price levels. The next big date in
the retail calendar for old is the Indian festival of 'Akshaya Trithiya' in early May, and

where gold buying is part of the activities.

"Gold price movements always take a huge jump on war/conflict threats and then
tends to cool down," said Vijay Valecha, Chief Investment Officer at Century Financial.

"We have seen both happen in recent days."

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