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Dubai: 24K gold seen trading between Dh212 and Dh220 per gram this week
Market awaits monetary policy announcements from European Central Bank, Bank of England
Gold prices are expected to trade around current prices this week as the market is waiting for the monetary policy announcements of the European Central Bank and the Bank of England for fresh trading direction.
The precious metal prices enjoyed robust two-way trading, as bulls finally won control of the market from two-month lows of $1,753 to $1,798 at the close of the market on Friday
In the UAE, 24K opened at Dh218 per gram on Sunday morning. Among the other variants of the precious metal, 22K was trading at Dh204.75, 21K at Dh195.25 and 18K at Dh167.5 per gram.
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The Federal Reserve earlier said that three rate hikes are projected for 2022 as the pace of tapering doubled to $30 billion per month. As a result of the decision, gold fell to two-month lows amid a spike in the US dollar, in an initial reaction to the announcement.
Fed chairman Jerome Powell later calmed markets by noting that economic data was key and that rate hikes were not certain.
Vijay Valecha, chief investment officer at Century Financial, said: “The next target level is the range of $1,788 and $1,792. On the flip side, support levels appear at $1,769 followed by $1,761 an ounce. The UAE's 24K gold prices will likely trade between Dh212 and Dh220 in the days ahead.”
He said the yellow metal is now awaiting the monetary policy announcements from the European Central Bank (ECB) and the Bank of England (BoE) for further direction. “Faced with the threat of Omicron, the BoE is expected to hold back on a rate hike… Markets, dollar valuations, and gold prices will be set by this year's final policy decisions,” he said.
Jeffrey Halley, senior market analyst at Oanda, said gold has resistance at $1,810 and $1,820 an ounce and that could extend to $1,840 an ounce. “Readers should tread with extreme caution if we see that level before the month-end,” he added
-waheedabbas@khaleejtimes.com
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