iPhone | iPad
Android
Huawei
The company has secured Dh300 million credit line from A Class Banks.
Business4 days ago
KT APPDOWNLOAD
UAE: Gold steady at 3-month high; 24K trades at Dh221 per gram
Prices for the precious metal surged as the bond market selloff appears to be over for now
Gold prices on Thursday steadied near a two-month high hit on Wednesday evening, with higher US Treasury yields preventing any gains amid caution building around developments at the US Federal Reserve's meeting due next week.
Spot gold was flat at $1,839.13 per ounce at 9.20 am UAE time.
In the UAE, precious metal prices remained unchanged from last night's close. The Dubai Gold and Jewellery Group data showed 24K trading at Dh221.0 per gram, 22K at Dh207.5, 21K at Dh198.0 and 18K at Dh169.75.
ALSO READ:
Gold saw its best session in three months on Wednesday as a retreat in the dollar and geopolitical tensions surrounding Ukraine lifted safe-haven appeal, sparking a rally in precious metals.
Edward Moya, senior market analyst at Oanda, said gold prices surged as the bond market selloff appears to be over for now.
"Gold traders used the London Bullion Market Association auction as the catalyst to send prices tentatively above the upper boundaries of its recent trading range. After the 10-year Treasury failed to reach 1.90 per cent, that was the all-clear signal for many traders to pile back into risk assets such as commodities," said Moya.
"Gold wasn't supposed to break above the $1,840 level before next week, so it should be interesting to see if this rally sticks," he added.
-waheedabbas@khaleejtimes.com
More news from Business
Smart technology and bespoke interiors made the 5-bedroom garden home a rare option in the market
Business4 days ago
Taqa, one of the largest listed integrated utilities in the region, saw its group revenues rise 20 per cent to Dh12.4 billion compared to the prior-year period, primarily due to higher commodity prices within the oil & gas segment.
Business4 days ago
Ta’ziz will provide new opportunities for local manufacturers, supporting growth of their knowledge and capabilities, catalysing local industrial development.
Business4 days ago
First quarter profit of Dh6 million post accelerated write-down of intangible assets of Dh31 million
Business4 days ago
The Abu Dhabi-listed company posts a strong set of results in Q1 2022 despite the ongoing economic challenges weighing in namely on input prices, energy costs and supply chain
Business4 days ago
The DFM-listed company said that total assets remained stable at Dh22 billion while total equity increased to Dh12.5 billion from Dh12.2 billion during the same period in 2021
Business4 days ago