Gold prices in Dubai recovered on Friday after a sharp fall a day earlier. Dubai Jewellery Group data showed 24K gold trading at Dh471.5 per gram, up from Dh465.25 per gram at Thursday's market close.

Other variants also climbed, with 22K, 21K and 18K gold at Dh436.75, Dh418.75 and Dh358.75 per gram respectively.

On Thursday the 24K price had plunged by Dh14 per gram in the UAE as the precious metal fell by more than 3 per cent globally to a more than one-year low. Spot gold was up 0.83 per cent at $3,914 an ounce on Friday.

"Today's move is more of a positioning adjustment, given that several intraday short-term momentum indicators had hit an extreme oversold level after yesterday's dramatic fall," said Kelvin Wong, a senior market analyst at Oanda, as quoted by Reuters. He added that a sudden turn in US Treasury yields, which could slow the US dollar, would be a short-term bullish driver for gold.

(Source: Khaleej Times)