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Dubai gold prices up, 24K rises above Dh210 per gram
Waheed Abbas - Greenback weakens and US Treasury yields also drop
Gold prices rose in Dubai on Tuesday morning due to the weakening of the dollar as well drop in US Treasury yields.
The retail gold price jumped by one dirham on Tuesday morning, as compared to Monday evening price in line with an increase in global rates of the precious yellow metal.
The 24K retail gold price rose from Dh209.25 on Monday evening to Dh210.25 per gram on Tuesday morning. While 22K, 21K, and 18K prices also increased by Dh1 to Dh197.5, Dh188.5, and Dh161.5 per gram, respectively.
Globally, spot gold price was up 0.3 per cent at $1,733.31 per ounce, as of 0117 GMT. Gold futures were up 0.4 per cent at $1,735.10 per ounce.
Naeem Aslam, the chief market analyst at Ava Trade, said $1,700 an ounce price level remains as the first resistance, and then the market is likely to see the price moving towards the $1,750 mark in the short term.
The greenback hit an almost two-week low versus a basket of rival currencies, while US Treasury yields also fell because investors paused recent selling of government bonds.
-waheedabbas@khaleejtimes.com
Photo: Ryan Lim/KT
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Spot gold was trading at $2,384.14 per ounce at 9.25 am UAE time, up 0.17 per cent
