Time to purchase? UAE gold costs drop by Dh4 per gram – Information


24K opens at Dh219.75 per gram



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Revealed: Thu 27 Jan 2022, 9:34 AM

Final up to date: Thu 27 Jan 2022, 9:35 AM

Gold costs plunged 4 dirhams per gram on the opening of the market within the UAE on Thursday morning resulting from positive aspects within the US greenback and Treasury yields after the US Federal Reserve signalled rate of interest hikes late on Wednesday.

Spot gold was buying and selling at $1,814.73 per ounce, down by 0.41 per cent at 9.30 am UAE time.

Within the UAE, 24K was buying and selling at Dh219.75 per gram on Thursday morning as in comparison with Wednesday’s shut of Dh223.75 per gram, down by 4 dirhams. Among the many different variants of the valuable, 22K fell to Dh206.5 per gram, 21K to Dh197.0 and 18K to Dh169.0 on Thursday morning.

With the specter of as many as 5 charge hikes this 12 months, gold costs tumbled final evening, down by 1.5 per cent to shut at $1,819.59 an oz, Emirates NBD Analysis stated in a word.

“The outlook for gold will likely be more and more difficult within the face of upper nominal and actual yields within the US market,” it stated in a word on Thursday.

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Edward Moya, senior market analyst at Oanda, stated gold costs tumbled as equities roared again.

“The return of danger urge for food dampened the attraction for safe-havens and that despatched gold again to the center of its latest buying and selling vary. Simply when gold appeared prefer it was going to breakout, they pull it again in. The trail increased for gold is there, however it would seemingly be a troublesome grind increased. Fed chairman Jerome Powell’s hawkish press convention despatched gold to recent lows because the Fed laid out the opportunity of a way more aggressive steadiness sheet discount and refused to rule out the potential of getting an rate of interest hike at every coverage assembly,” stated Moya.

-waheedabbas@khaleejtimes.com



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