UAE: Gold prices slip; 24K seen trading between Dh214.5 and Dh220.5 this week

Gold prices fell in the UAE and worldwide on Wednesday morning after rising above $1,800 an ounce in the previous session on Tuesday.

Spot gold fell 0.20 per cent to $1,797.28 an ounce at 9.15 am UAE time.

In the UAE, precious metal prices dropped Dh0.75 per gram at the opening of the market.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh217.75 per gram while 22K, 21K and 18K opened at Dh204.5, Dh195.0 and Dh167.25 per gram.

Vijay Valecha, chief investment officer, Century Financial, said immediate support for the gold is seen near $1,780. In the UAE, he sees 24K gold price trading between Dh214.5 and Dh220.5 this week.

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Gold gained on Tuesday evening as expectations for aggressive global central bank tightening eased after the Reserve Bank of Australia said they are in no rush to raise rates and as some traders doubted the Fed would kick off tightening with a half-point increase.

“Gold is hovering around $1,800 but if selling pressure returns, it could get ugly quick as momentum sellers are watching,” says Edward Moya, senior market analyst at Oanda.

-waheedabbas@khaleejtimes.com

• Dubai