Gold was trading in negative territory with the price dropping nearly one dirham per gram in the UAE on Wednesday morning.
Spot gold was down 0.14 per cent at $1,787.65 per ounce at 9.15 am UAE time.
In the UAE, 24K gold price opened at Dh216.5 per gram on Wednesday morning as compared to yesterday’s close of Dh217.75.
Among the other variants of the precious metal, 22K was trading at Dh203.5 per gram, 21K at Dh195.0 and 18K at Dh166.5.
Jeffrey Halley, senior market analyst for the Asia Pacific at Oanda, said gold probed $1,800 an ounce overnight but quickly retreated as US yields rose, finishing almost unchanged at $1,789 an ounce.
“Asian trading is moribund, gold edging slightly lower to $1,788.50 an ounce as regional markets move into holiday mode. Gold’s attempts to stage a meaningful recovery continue to disappoint, with traders cutting long positions at the very first sign of trouble intra-day. Gold lacks the momentum, one way or another, to sustain a directional move up or down,” said Halley.
He noted that it’s likely that gold will remain a forgotten asset class and face another week of choppy range trading.
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