The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Gold prices slipped on Thursday morning, with bullion's outlook hurt by fears the US Federal Reserve could go for a more aggressive interest rate hike this month to fight sky-rocketing inflation.
Spot gold fell 0.24 per cent to $1,726.92 per ounce by 9.08am UAE time.
In the UAE, 24K was trading at Dh209.25 per gram at the opening of the market on Thursday. While 22K, 21K and 18K were trading at Dh196.75, Dh187.5 and Dh160.75 per gram, respectively.
Data released on Wednesday showed US annual consumer prices jumped 9.1 per cent in June, the sharpest spike in more than four decades.
A rallying dollar sent gold prices to a near one-year low on Wednesday following the inflation report, but a retreat in the greenback helped bullion make a sharp recovery and end the session marginally higher.
Jeffrey Halley, senior market analyst at Oanda, believes that a US dollar correction is on the way, hence, some short-term relief may also be coming gold's way, allowing it to rally somewhat.
"Gold appears to be trying to trace out a temporary bottom at the $1,707.00 area, with $1,700 and longer-term support at $1,675 an ounce looking safe for now. Failure of $1,675 still signals more pain ahead, though. Gold has resistance at $1,745, now a double top. That is followed by $1,780, and $1,800, its June downward trendline," said Halley.
ALSO READ:
"The CPI release generated volatility but not direction," said Ilya Spivak, a currency strategist at DailyFX, reasoning that markets now likely expected the Fed to front-load rates more, and not necessarily tighten more overall, but said gold still had a bearish outlook.
- waheedabbas@khaleejtimes.com
The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Matches will be played on an exclusive Saturday with no Premier League fixtures taking place on the same day
The plant to be set up in Al Bihouth area is expected to process 900,000 tonnes of waste into energy
The minor didn't take his cellphone or wallet, assuming he'd return quickly
Nadal, 37, who missed virtually all of the 2023 season, is hoping to compete at the French Open in May where he is the record 14-time champion
A Good Samaritan offered him a ride to Bur Dubai for free, declining Sahni's attempt to offer payment
Passengers with cancelled bookings will receive a full credit voucher for the amount paid
Passengers must go to the airport only if they have a confirmed reservation