NPS Vatsalya can be initiated while the child is under the age of 18
Gold prices fell over Dh1 per gram in the UAE at the opening of the markets on Monday in line with the drop in global rates.
The Dubai Jewellery Group data showed 24K trading at Dh246.5 per gram on Monday morning, down from Dh247.75 per gram at the close of the markets on Friday. While 22K, 21K and 18K also traded lower at Dh228.25, Dh221.0 and Dh189.25 per gram, respectively.
Spot gold was down 0.42 per cent at $2,035.51 per ounce at 9.23 am UAE time due to fading expectations of an early rate cut in the US keeping the dollar and bond yields supported, ahead of a key inflation print due later this week.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Richard Snow, a strategist at dailyFX, said the bullish outlook on gold is a little more complicated than the fundamental thesis suggests as a lot of positive momentum has already been priced in, providing a less impressive risk-to-reward ratio.
“It is with this in mind that an extended pullback would be favourable prior to assessing bullish continuation setups. The first level of support that could provide a springboard for gold is the zone around $2,010, with a deeper pullback highlighting $1,956. The medium-term uptrend has provided notable periods where gold prices cooled before continuing higher and therefore, it would be reasonable to foresee the potential for another pullback developing in Q1 of 2024,” he said.
Rania Gule, market analyst at XS.com, sees lower chances of a short-term interest rate cut may weaken gold's attractiveness in the near term.
“Particularly, after Federal Reserve Chair Jerome Powell stated in the recent monetary policy statement that interest rate cuts will be a topic for future discussion, causing market mood swings and high volatility,” she added.
ALSO READ:
NPS Vatsalya can be initiated while the child is under the age of 18
Commerzbank CEO: UniCredit "might want more"
The public takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Covestro's capital
The UAE has 87 projects and 22,831 rooms in the construction pipeline
Scaling up was in Europe's best interest and it should be private sector players deciding whether to go ahead with deals, says European Central Bank President
Epic will also raise its competition concerns with regulators in the European Union
India-owned Tata Steel had been losing £1 million a day
The National Economic Registry (NER) -Growth also enables government entities to manage economic activities digitally based on the latest AI technologies