Dubai: Gold prices slightly recover; 24K trades at Dh223.75

Among the other variants, 22K was trading at Dh210.25.

By Staff Reporter

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Agencies file
Agencies file

Published: Mon 22 Nov 2021, 9:51 AM

Gold prices rose on Monday morning due to the weakening of the US dollar after hitting their lowest in nearly two weeks.

Spot gold was trading at $1,847.97 per ounce, up by 0.17 per cent, at 9.20 am UAE time.

In the UAE, 24K price inched up by Dh0.25 at the opening of the market on Monday to trade at Dh223.75 per gram. Among the other variants of the precious metals, 22K was trading at Dh210.25, 21K at Dh200.5 and 18K at Dh172.0 per gram.

David Song, strategist at Daily FX, said the US Federal Reserve’s gradual approach in removing monetary stimulus may prop up the price of gold throughout the remainder of the year as signs of persistent inflation encourages market participants to hedge against inflation.

Edward Moya, senior market analyst at Oanda, said gold is stuck in a broadening formation and that should remain the case given next week’s shortened trading week.

“Inflation and Fed speak are the primary catalyst for gold and right now traders will need to see what happens over the next couple of weeks before having a strong conviction on assessing what the Fed will do regarding interest rates,” he said.

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