UAE: Gold Prices Inch Up In Early Trade 24K Opens At Dh21...| MENAFN.COM

Monday, 04 July 2022 01:01 GMT

UAE: Gold Prices Inch Up In Early Trade 24K Opens At Dh219.75 Per Gram


(MENAFN- Khaleej Times) Despite the US dollar falling heavily overnight, prices fell 0.53 per cent on Wednesday By A Staff Reporter

Published: Thu 19 May 2022, 9:39 AM

Last updated: Thu 19 May 2022, 9:41 AM

Gold prices rose on Thursday morning in the UAE, but the precious metal's outlook was dulled by an aggressive Federal Reserve stance on inflation.

Spot gold was trading at $1,814.68 per ounce at 9.10am UAE time.

In the UAE, the 24K gold price rose half a dirham at the opening of the market on Thursday.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh219.75 per gram, up from Dh219.25 at the close of the market on Wednesday. Meanwhile, 22K, 21K and 18K opened at Dh206.5, Dh197.0 and Dh169.0, respectively.

Despite the US dollar falling heavily overnight, and risk sentiment rising generally, gold prices fell 0.53 per cent on Wednesday.

“When gold falls as the US dollar falls heavily, we should all take that as a warning sign, suggesting lower prices are the path of least resistance. As such, I believe gold's downside risks have ratcheted higher,” said Jeffrey Halley, senior market analyst at Oanda.

ALSO READ:

  • Explainer: Why are markets falling?

Support lies at $1,789, followed by $1,780 an ounce. Failure of the latter suggests a deeper correction to $1,700. That move could occur quite quickly if $1,780.00 fails. 'Gold has resistance at $1,836, followed by the 200-Daily Moving Average at $1,836.80, and then $1,850 an ounce,” said Oanda.

MENAFN19052022000049011007ID1104240207


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.