Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
business4 days ago
Gold prices climbed to near a nine-month high on Monday, as a softer dollar and expectations of slower interest rate hikes from the US Federal Reserve added to bullion's shine.
Spot gold was up 0.3 per cent to $1,926.07 per ounce.
In the UAE, the 24K gold prices opened at Dh232.75 per gram, while 22K, 21K and 18K were trading at Dh215.5, Dh208.75 and Dh178.75 per gram, respectively, on Monday morning.
The dollar index slipped 0.4 per cent, making dollar-priced gold a more attractive bet.
"Fed remains the focus. The market is of the view that the Fed's rate-hike cycle is slowing and may come to an end soon, which is helping gold," said Ilya Spivak, head of global macro at Tastylive.
"Prices are seeing good support around the $1,900-$1,920 levels. The next key level of resistance will be around $1,970," Spivak said.
Edward Moya, senior market analyst at Oanda, said gold prices were rising as Wall Street grows confident that the Fed is almost done with raising rates.
“The University of Michigan sentiment report showed one-year inflation expectations fell to the lowest levels since April 2021. Non-interest bearing gold is loving the slide in bond yields and that could continue as earnings come in softer-than-expected,” he said.
Moya sees gold having strong resistance at the $1,950 region.
ALSO READ:
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
business4 days ago
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
business4 days ago
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
business4 days ago
Move aims to deepen multi-sectoral cooperation
business4 days ago
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
business4 days ago
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
business4 days ago
The UAE registered trademarks totalling 4,610 in Q1
business5 days ago
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
business5 days ago