Dubai: 24K gold price rises to Dh219 per gram

Staff Report/Dubai
Filed on July 26, 2021

Rates rose on Monday morning at the opening of the market as the US dollar held firm.

Gold prices rose on Monday morning, staying above $1,800 per ounce at the opening of the market as the US dollar held firm.

Spot gold was trading at $1,806.31 per ounce at 9.15am UAE time, up by 0.34 per cent.

In the UAE, 24K price rose from Dh218.25 per gram to Dh219.0 on Monday morning. Among the other variants of the precious metal, 22K opened at Dh205.5 per gram, 21K at Dh196.25 and 18K at Dh168.25.

While the dollar index held close to a 3-1/2-month peak hit last week, making gold more expensive for holders of other currencies.

Naeem Aslam, chief market analyst at Ava Trade, said investors should understand that real interest rates are deeply negative, depicting the rise in inflation and that the US Federal Reserve is unlikely to raise real interest rates in the short term. “These factors have influenced stock traders to channel resources to the bullion,” he said.

“Remember that the Federal Open Market Committee meeting is scheduled for next week. The meeting would provide investors with clues about potential policies influencing the future outlook of interest rates and hence an insight into future gold prices, as higher interest rates are followed by a rise in the value of the US dollar and vice versa,” he added.

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