UAE: Gold costs slip as buyers see larger US fee hikes – Information


Within the UAE, 24K opened at Dh233.75 per gram on Tuesday morning



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Revealed: Tue 5 Apr 2022, 9:20 AM

Gold costs slipped on Tuesday morning because the greenback stayed sturdy on rising prospects of extra Russian sanctions, and greater interest-rate hikes by the Federal Reserve to rein in inflation.

Spot gold was down 0.2 per cent at $1,927.65 per ounce at 9.10 am UAE time.

Within the UAE, 24K opened at Dh233.75 per gram on Tuesday morning. Whereas 22K, 21K and 18K had been buying and selling at Dh219.5, Dh209.5 and Dh179.5 per gram, respectively.

The US and Europe had been planning new sanctions on Moscow for the assault on Ukraine.

Jeffrey Halley, senior market analyst at Oanda, stated regardless of the beneficial properties in a single day, gold stays caught in a roughly $1,915 to $1,950 an oz. vary, with no indicators of a directional breakout but both method.

“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 way of $1,970 adjustments that outlook quickly. Gold has resistance at $1,940 and $1,950 an oz.. In the meantime, a sustained break of the $1,880 area will in all probability set off a capitulation commerce, doubtlessly pushing gold all the way down to $1,800 an oz.,” stated Halley.

waheedabbas@khaleejtimes.com



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