UAE: 24K gold value plunges to Dh218.5 per gram – Information

Spot gold slipped to $1,804.2 per ounce at 9.20 am UAE time.

Agencies file

Businesses file

Printed: Tue 4 Jan 2022, 9:37 AM

Gold costs fell for the second consecutive day of the New Yr as 24K costs dropped to Dh218.5 on the opening of the market within the UAE on Tuesday.

Within the UAE, the 24K value has dropped Dh2.5 per gram within the first two days of 2022, buying and selling at Dh218.5 per gram on Tuesday morning. Whereas 22K, 21K and 18K had been promoting at Dh205.25, Dh195.75 and Dh167.75 per gram, respectively.

Spot gold slipped to $1,804.2 per ounce at 9.20 am UAE time.

Jaffrey Halley, senior market analyst at Oanda, stated gold confirmed, as soon as once more, how frail bullish sentiment is as current lengthy positions had been stopped out in a single day, gold falling 1.50 per cent, or $28.50 an oz, intraday to shut at $1801.50 an oz. Some short-covering has seen it creep as much as $1,804 an oz in Asia.

“Gold’s makes an attempt to stage a significant restoration stay unconvincing, with merchants chopping lengthy positions on the very first signal of hassle intra-day. This time it was the US bond market, with yields rising sharply and sending gold into an equally vicious tail-spin, unwinding its complete Christmas rally. This isn’t the primary time we’ve got seen this type of value motion within the final month, with golds most constant pricing issue being its capacity to disappoint bullish traders,” he stated.

Halley sees gold dealing with resistance at $1,830 and $1,840 an oz, though it will be an enormous shock if markets sees these ranges this week. “Assist lies at $1,790, adopted by $1,780 an oz. $1,790 to $1,820 is my name for the vary this week,” he concluded

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