Gold recovers from three-month low as weekly losses persist

Gold prices recovered slightly on Friday, 23 October, after dropping to their lowest level in three months, though the metal remains on track for its second consecutive weekly decline. Spot gold rose 0.2 percent to trade at $4,030.67 per ounce, recovering from a session low of $3,986.50. Despite the minor intraday gain, US gold futures for December delivery fell 0.3 percent to $4,046.40 per ounce. The price volatility follows a period of sustained pressure on precious metals, driven by shifting expectations regarding global interest rates and currency fluctuations. Precious metals market performance The broader precious metals sector recorded losses during the same session. Silver prices declined 1.3 percent to $53.81 per ounce, while platinum fell 0.9 percent to $1,557.03. Palladium also traded lower, shedding 0.4 percent to reach $1,050.50 per ounce. Market participants are closely watching the $4,000 psychological threshold for spot gold, which served as a support level during the recent price dip. The current price action is triggered by the release of weekly trading data which confirmed the metal's downward trajectory over the last ten days. Implications for UAE investors For gold buyers and retail investors in the UAE, the recent dip to a three-month low represents a potential entry point, though the second weekly loss suggests a bearish short-term trend. Local jewelry prices in Dubai and Abu Dhabi typically track these international spot rates closely. Market…