Tecom embarks on its next phase of growth
business2 days ago
Gold prices fell by half a dirham per gram in the UAE on Tuesday morning.
According to the Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh248.25 per gram as compared to last night’s close of Dh248.75 per gram. While 22K, 21K and 18K were trading lower at Dh229.75, Dh222.5 and Dh190.75 per gram, respectively.
Spot gold was down 0.28 per cent at $2,048.63 per ounce by 9.23 am UAE time as the US dollar and Treasury yields jumped, with investors awaiting comments from a host of Federal Reserve speakers this week for more clarity on the central bank's interest rate trajectory.
Gold prices surged for the third consecutive day on Monday, reaching $2,055 an ounce, driven by heightened geopolitical tensions in the Middle East, amplified by concerns over the Israel-Gaza conflict and the Red Sea missile incident involving Iran-led Houthis targeting the US ships.
“Gold, a traditional safe-haven asset, has seen increased demand during geopolitical uncertainty. Additionally, Barclays' revised forecast for the first Federal Reserve rate cut, now anticipated in March instead of June, has shifted market sentiment toward expectations of monetary easing, impacting the US dollar,” he said.
Technically, he said the metal has edged above its resistance area of $2,045 (21-day SMA) which will now act as immediate support for the metal followed by the $2,025-30 region. “On the upside, the $2,075-85 region is seen as a strong resistance area, breaking above which will open doors to the $2,100 level,” he added.
ALSO READ:
Tecom embarks on its next phase of growth
business2 days ago
Loyalty schemes, AI and customer retention will be key
business2 days ago
Transaction value expected to hit $29.75 billion this year
business2 days ago
Overall volume of digital payments in Mena has grown nearly seven-fold since 2020
business2 days ago
In 2023, total consumption of gold in the UAE reached 39.7 tonnes
business2 days ago
Maritime India Vision 2030 envisions investment of Rs1.25 trillion
business2 days ago
Profitability, cash flow and capital expenditure guidance reiterated
business2 days ago
Swiss pharma firm has an annual capacity of 250 million tablets
business2 days ago