Gold continues to lose shine; 24K price dips below Dh210 in Dubai

Dubai - Asian investors return to buy the safe-haven asset after a dip

By Waheed Abbas

Published: Wed 24 Mar 2021, 10:37 AM

Gold prices were down on Wednesday morning, as compared to a day ago on the back of the strengthening of the US dollar.

Spot gold was slightly down at $1,726.78 per ounce by 0129 GMT (5.29am UAE time), while US gold futures rose 0.1 per cent to $1,726.70 per ounce.

In Dubai, 24K retail gold price stood at Dh209.5 on Wednesday morning (versus Dh210 on Tuesday morning); 22K at Dh196.75 (Dh197.25); Dh21K price at Dh187.75 (Dh188.25), and 18K at Dh161 (Dh161.25).

But the precious yellow metal was seeing support in the Asian markets in the early hours of Wednesday morning.

"Gold looks to have found some buyers in the early hours in Asia, but it is just investors buying the dip ... If yields keep falling, that should be supportive for gold," said Jeffrey Halley, senior market analyst at Oanda.

Halley said the yellow metal would find support near $1,720.

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