Gold continues to lose shine; 24K price dips below Dh210 in Dubai
Asian investors return to buy the safe-haven asset after a dip
Gold prices were down on Wednesday morning, as compared to a day ago on the back of the strengthening of the US dollar.
Spot gold was slightly down at $1,726.78 per ounce by 0129 GMT (5.29am UAE time), while US gold futures rose 0.1 per cent to $1,726.70 per ounce.
In Dubai, 24K retail gold price stood at Dh209.5 on Wednesday morning (versus Dh210 on Tuesday morning); 22K at Dh196.75 (Dh197.25); Dh21K price at Dh187.75 (Dh188.25), and 18K at Dh161 (Dh161.25).
But the precious yellow metal was seeing support in the Asian markets in the early hours of Wednesday morning.
"Gold looks to have found some buyers in the early hours in Asia, but it is just investors buying the dip ... If yields keep falling, that should be supportive for gold," said Jeffrey Halley, senior market analyst at Oanda.
Halley said the yellow metal would find support near $1,720.
Makers of parts, some of which already being sold abroad, 'can beat... READ MORE
Businesses, individuals relying more on its wide reach and is... READ MORE
Partnership poised to address shortage in the number of quaternary... READ MORE
Saudi Arabia has an opportunity to drive technology-led productivity... READ MORE
Qureshi left for Abu Dhabi a day after his Indian counterpart S.... READ MORE
The three countries would be classified as 'extremely high risk'... READ MORE
It is the first time in 400 days that people can travel quarantine-... READ MORE
The country's deaths from Covid-19 rose by a record 1,619 to reach a... READ MORE