Gold prices rose on Thursday as a weaker dollar offset renewed risk appetite fuelled by an encouraging Omicron study and increased optimism around the global economic outlook.
The yellow metal surged above the $1,800 level on Wednesday evening and stayed above the key psychological barrier on Thursday morning as well. Spot gold was trading at $1,806.53 per ounce at 9.15am UAE time, up by 0.16 per cent.
In the UAE, 24K jumped nearly two dirhams per gram to Dh219.0 per gram on Thursday morning as compared to Wednesday’s close of Dh217.25. While 22K, 21K and 18K rose to Dh205.5, Dh196.25 and Dh168.25 per gram, respectively.
Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, said gold rallied overnight in a mechanical response to a much weaker US dollar on currency markets.
“Gold’s attempts to stage a meaningful recovery remain unconvincing, 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. That said, gold could extend its gains into the end of the week if growth sentiment remains ascendant,” said Halley.
Naeem Aslam, chief market analyst at the London-based AVA Trade, said the price of the yellow metal is likely to remain volatile as investors adapt to updates regarding the Omicron situation and an aggressive Federal Reserve.
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