Global gold price dropped over recent weeks with last week recording the highest weekly percentage fall following November last year. However, it is expected to gain good stands in coming weeks as political uncertainties wave away in the European Union as France remains in the EU following the victory of Emmanuel Frederic Marcon. The euro achieved a six-month high against the dollar following the victory of Emmanuel Marcon.
According to some analysts, Marcon’s victory is expected to aid in a comfortable increase in purchasing of gold. However, ANZ analyst Daniel Hynes explains that his success has not reflected in the trade. “Confirmation that he being victorious has not resulted in any additional selling,” he said.
In the UAE, Dubai gold experienced a fall in price last week as 22k gold was selling for Dh140. Spot gold and US gold experienced a 0.3 per cent rise as Spot gold was selling at $1,230.88 per ounce and US gold $1,230.60 an ounce. According to, Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo, “Gold is still pretty much wanted after last week’s fall… People are happy to buy around this level.”