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Gold remains steady

 

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A weaker US dollar pushed gold prices to new all-time highs last week. - Reuters
A weaker US dollar pushed gold prices to new all-time highs last week. - Reuters

Dubai - Spot gold eased 0.2 per cent to $1,970.69 per ounce.

by

Sandhya D'Mello
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Published: Mon 3 Aug 2020, 9:56 PM

Last updated: Tue 4 Aug 2020, 12:02 AM

Gold prices in Dubai have been rising and will continue its trajectory having recorded almost a jump of Dh24.25 over a month now.
On Monday, Gold prices in Dubai for 24K touched Dh239.25 per gramme; 22K was at Dh224.75 per gramme; 21K at 214.50 per gram me and 18K at Dh184.00 per gramme at mid-day trading. However prices dropped in the evening to Dh238 per gramme for 24K.
Karim Merchant, Group CEO and MD, Pure Gold, said gold is once again reacting to its safe heaven status. "We expect gold price to continue to attempt new highs on rising infection rates and as Fed unemployed benefit expired on Friday."
Globally investors and central banks continue to invest in gold as a safe haven asset which is one of the primary reasons leading to record high prices of the metal.
"Gold prices typically rise at times of uncertainty as it is considered as the safe haven by governments as well as individual and institutional investors across the globe. The advantage of liquidity provided by gold without losing its value, even during these difficult times, further increases its dependability," said Shamlal Ahamed, managing director - International Operations, Malabar Gold & Diamonds.
Spot gold eased 0.2 per cent to $1,970.69 per ounce at 1211GMT, having hit a record high of $1,984.66 in early Asian trade. US gold futures were 0.1 per cent higher at $1,986.90.
John Paul Alukkas, executive director, Joyalukkas Group, said: "The macro-economic factors haven't changed now, except the fact that USD Index is all time low in 2 years. A weaker US dollar pushed gold prices to new all-time highs last week. But gold is showing a strong resistance at $2000."  - sandhya@khaleejtimes.com

Sandhya D'Mello


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