Gold costs open larger in UAE; 24K trades at Dh235 per gram – Information

Valuable metallic costs commerce flat as stronger greenback counters Ukraine worries.



Printed: Thu 24 Mar 2022, 9:26 AM

Gold costs have been steady on Thursday morning because the greenback gained and yields hovered close to multi-year peaks, offsetting assist from an escalation within the Ukraine disaster.

Spot gold was little modified at $1,940.53 per ounce at 9.10am UAE time.

Within the UAE, the 24K gold costs opened at Dh235.0 per gram on the opening of the market on Thursday, up by half a dirham per gram from Wednesday’s shut. Among the many different variants of the valuable metallic, 22K opened at Dh220.75 per gram, 21K at Dh210.75 and 18K at Dh180.75.

The greenback index gained on Wednesday, making gold much less engaging for different foreign money holders, as oil costs shot larger once more with US President Joe Biden and different European leaders set to impose recent sanctions in opposition to Russia.

Jeffrey Halley, senior market analyst at Oanda, mentioned dangers for the yellow metallic are more and more skewed to the draw back, particularly if the US greenback decides to rally in sympathy with larger US yields.

“Gold has well-denoted resistance between $1,940 and $1,950 now, adopted by $1,960 an oz.. Assist lies at $1,900, and failure will spark a retest of main assist at $1,880 an oz.. Failure of $1,880 will doubtless spark a speedy capitulation commerce focusing on the low $1,800s,” mentioned Halley.

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