Dubai: Gold prices stay stable; 24K trade at Dh217.75

Staff Report/Dubai
Filed on July 8, 2021 | Last updated on July 8, 2021 at 10.40 am

Spot gold was trading at $1,798.41 an ounce, down 0.28 per cent, at 10am UAE time.

Gold price sliped below $1,800 an ounce on Thursday morning as lower US Treasury yields countered a stronger dollar after minutes from the Federal Reserve's meeting showed that the central bank is moving towards tapering its asset purchases as soon as this year.

Spot gold was trading at $1,798.41 an ounce, down 0.28 per cent, at 10am UAE time on Thursday morning,

In Dubai, 24K was trading at Dh217.75 per gram at the opening of the market. While 22K, 21K and 18K was trading at Dh204.5, Dh195.0 and Dh167.25 per gram.

Benchmark US 10-year Treasury yields dropped to their lowest since February 19, reducing the opportunity cost of holding non-interest bearing gold. However, the dollar index traded near the highest in three months versus its rivals, making gold more expensive for other currency holders.

Naeem Aslam, chief market analyst at Ava Trade, said the gold price is still holding on to its gains.

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