UAE: Gold costs regular; 24K opens at Dh232.75 per gram in Dubai – Information

Spot gold was flat at $1,921.66 per ounce as of 9.15am UAE time

Reuters file

Reuters file

Printed: Wed 6 Apr 2022, 9:29 AM

Final up to date: Wed 6 Apr 2022, 9:30 AM

Gold costs have been flat on Wednesday morning as hawkish feedback from US Federal Reserve officers bolstered the greenback and Treasury yields to multi-year highs, denting bullion’s safe-haven demand and offsetting assist from uncertainty across the Ukraine conflict.

Spot gold was flat at $1,921.66 per ounce as of 9.15 am UAE time, declining 0.06 per cent.

Within the UAE, 24K opened at Dh232.75 per gram. Whereas 22K, 21K and 18K have been buying and selling at Dh218.5, Dh208.5 and Dh178.75 per gram, respectively.

Jeffrey Halley, senior market analyst at Oanda, mentioned gold stays confined to a slender however noisy $1,915 to $1,945 an oz. vary.

“The dangers are nonetheless skewed to the draw back for gold, particularly if US yields and the US greenback maintain climbing. Solely a rally by means of $1,970 adjustments that outlook quickly. Failure of $1,915 an oz. will sign a retest of essential assist at $,1880,” added Halley.

“Merchants stay closely net-long on gold futures markets, and that is clearly serving to to assist costs total,” Metropolis Index senior market analyst Matt Simpson instructed Reuters.

“But, the stronger US greenback and lack of safe-haven demand are capping its upside potential.”

The greenback scaled its highest in almost two years as Fed officers pushed for a fast discount within the central financial institution’s bloated stability sheet, with one among them expressing openness to hefty price will increase of half a proportion level.

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