Maritime India Vision 2030 envisions investment of Rs1.25 trillion
business1 day ago
Gold prices edged higher in Dubai and worldwide on Wednesday morning, helped by a softer US dollar, while traders assessed prospects of the Federal Reserve raising interest rates just once more in May before pausing.
Spot gold was up 0.1 per cent at $2,006.09 per ounce.
In the UAE, the 24K was trading half a dirham up at the opening of the markets on Wednesday. According to Dubai Jewellery Group data, 24K opened at Dh242.5 per gram, while 22K, 21K and 18K opened at Dh224.75, Dh217.5 and Dh186.5 per gram, respectively.
The US central bank should continue raising interest rates on the back of recent data showing inflation remains persistent while the broader economy seems poised to continue growing, even if slowly, St. Louis Fed President James Bullard said on Tuesday.
Daniel Dubrovsky, contributing senior strategist, dailyFX, said the anti-fiat yellow metal benefited from a cautiously weaker US dollar as traders continued to fine-tune their expectations of where the Federal Reserve might take interest rates later this year.
“On the daily chart, gold continues to face the downside risk of the aftermath of a Bearish Engulfing. Downside follow-through has been lacking, with prices being supported by the 20-day Simple Moving Average... For the time being, watch the moving average for key support. In the event of a turn higher, the 2022 high at $2,070.42 remains a key level to watch,” he said.
waheedabbas@khaleejtimes.com
ALSO READ:
Maritime India Vision 2030 envisions investment of Rs1.25 trillion
business1 day ago
Profitability, cash flow and capital expenditure guidance reiterated
business1 day ago
Swiss pharma firm has an annual capacity of 250 million tablets
business1 day ago
The total income for the period was Dh791.88 million
business1 day ago
As per the chairman of the UAE Banks Federation, the corporate tax in the Emirates is quite low compared to other countries
business1 day ago
Foreign investors took out more than $2 billion from Indian equities last week
business1 day ago
71% of consumers incorporate digital features into their shopping experiences
business2 days ago
Investors receive access to feeder funds and master funds domiciled in highly regulated jurisdictions
business2 days ago