UAE: Gold costs dip, more likely to lose additional – Information

Spot gold was down 0.31% at $1,951.01 per ounce at 9.15am UAE time

Agencies file

Companies file

Printed: Thu 21 Apr 2022, 9:34 AM

Gold costs eased on Thursday morning as a rebound in US Treasury yields tempered bullion’s safe-haven demand stemming from the Ukraine disaster and its potential affect on the worldwide financial system.

Spot gold was down 0.31 per cent at $1,951.01 per ounce at 9.15 am UAE time.

Within the UAE, 24K gold costs opened at Dh236.25 per gram on Thursday morning. Whereas 22K, 21K and 18K have been buying and selling at Dh222.0, Dh211.75 and Dh181.5 per gram, respectively.

Jeffrey Halley, senior market analyst at Oanda, stated gold value remained regular in a single day, however notably, it didn’t rally as US yields and the US greenback each retreated.

“Gold nonetheless seems to be susceptible and failure of $1,940 might see extra speculative lengthy positions getting culled and gold falling to $1,915 an oz. Nevertheless, gold’s value motion of the previous few weeks has been quietly signalling these dangers, be they inflation or geopolitical, have been rising. Nothing I can see has modified that truth, and thus, the deeper correction decrease might be a chance to load up once more at a lot better ranges,” added Halley.

Supply hyperlink