Through the initiative, the civic body aimed to boost customers’ trust and confidence in local agricultural products
Gold prices fell on Wednesday morning as investors awaited the outcome of the US Federal Reserve meeting to assess its plan to combat inflation.
Spot gold fell 0.34 per cent to $1,781.35 per ounce at 9.25 am UAE time.
In the UAE, the 24K gold price also dropped to Dh215.75 per gram at the opening of the market on Wednesday as compared to Dh217.25 on Tuesday morning. While 22K, 21K and 18K were trading at Dh202.75, Dh193.25 and Dh165.75 per gram, respectively.
Jeffrey Halley, senior market analyst for the Asia Pacific at Oanda, said gold’s choppy range trading continued ahead of the Federal Open Market Committee (FOMC) with the wider $1,770 to $1,810 range continuing to contain nicely.
“Once again overnight, gold showed no other interest other than moving in an inversely correlated manner to the US dollar. With the greenback rising overnight, gold fell 0.30 per cent to $1,788, before easing another 0.35 per cent to $1,781.60 an ounce in Asia,” he said.
ALSO READ:
Halley said the price action in Asia suggests that gold investors are concerned about a potential hawkish surprise from the Fed tonight. “And if that were the case, it is probably worth a $50 an ounce move lower tonight. Unless the Fed torpedoes the US dollar and bond market by sticking to their dovish mantra and not tapering. It is hard to see gold having the moment to recapture $1,800 this week,” he added.
-waheedabbas@khaleejtimes.com
Through the initiative, the civic body aimed to boost customers’ trust and confidence in local agricultural products
Lack of genetic diversity within a resident pod of killer whales off the North American Pacific coast is making them more vulnerable to disease and environmental factors and leading to shorter life spans
As per visuals, it can be confirmed that this happened outside the consulate, but the date cannot be confirmed
Samuel reveals how he built a beautiful connection with Saudi football fans
Airline to reduce frequency of Boeing 777 non-stop flights to San Francisco and Newark temporarily until 100 pilots and 1,400 cabin crew in training begin flying in the next 2-3 months
This year’s biennial features more than 300 artworks—including 70 new works
Making full amends may not be possible long after the events, but raising awareness is an achievement in itself
Emotional stability identified as the trait most strongly associated with people's satisfaction with their life, social connections and career