(MENAFN- Khaleej Times) Gold prices plunged nearly two dirhams per gram in Dubai at the opening of the markets on Thursday, pushed lower by the drop in global rates due to uncertainty surrounding the US debt ceiling situation. According to Dubai Jewellery Group data, the 24K was trading at Dh237.25 per gram on Thursday morning as compared to last night's close of Dh239.0.
Among the other variants of the precious metal, 22K opened at Dh219.5, 21K at Dh212.5 and 18K at Dh182.25 per gram.
Spot gold was trading at $1,957.48 per ounce by 9.30 am UAE time, down by 0.14 per cent.
Bullion has been attempting to recover from its previous sell-off, but a stronger dollar and higher US Treasury yields continue to keep the upside in check, which seems to override safe-haven flows around the US debt ceiling situation, said Yeap Jun Rong, a market analyst at IG.
US Treasury Secretary Janet Yellen on Wednesday maintained early June as a debt ceiling default deadline and said she will update Congress shortly about government finances.
Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy held what both sides called productive talks on Wednesday to try to reach a deal to raise the United States' $31.4 trillion debt ceiling and avoid a catastrophic default.
ALSO READ:
from mangoes to luxury watches: indians go on spending spree to get rid of rs2,000 notes ahead of withdrawal
uae: gold prices drop in dubai as investors eye us debt ceiling talks
MENAFN25052023000049011007ID1106317223
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.