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Analysts and forex experts caution that the political instability will continue to weigh on the rupee's future and may slow the recovery pace in coming days
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Time to buy: Gold prices drop below Dh220 per gram in UAE
Dubai Gold and Jewellery Group data shows 24K trading at Dh219.75 per gram
Gold was slightly down on Thursday morning and is heading for its worst quarter since early 2021.
Analysts said a stronger dollar kept investors away, with bullion's outlook clouded by top central banks adopting aggressive tactics against stubborn inflation.
Spot gold was down at $1,816.06 per ounce by 9.16 am UAE time, down by 0.15 per cent.
In the UAE, precious metal dropped below Dh220 per gram at the opening of the market on Thursday.
The Dubai Gold and Jewellery Group data showed 24K trading at Dh219.75 per gram, down from Dh220.25 at the close of the market on Wednesday.
Among the other variants of the yellow metal, 22K was trading at Dh206.5 per gram, 21K at Dh197.0 and 18K at Dh169.0.
Gold staged an intraday rally towards $1,833 overnight, but it ran out of steam again as dollar strength swept the markets on haven inflows.
“That reversed the weak rally and sent gold to a weak close, falling 0.12 per cent. Gold continues to trace out lower highs which suggest that risks are increasing of a large downside move. Gold has seen no haven inflows, which seem to all be heading into US dollars and the US bond market,” said Jeffrey Halley, senior market analyst at Oanda.
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In the previous session, the rupee had closed at 79.06 against the US dollar
Spot gold was up 0.3 per cent at $1,777.20 per ounce
It opened at 79.16 against the US dollar and touched 79.11 in initial deals
Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent
Higher oil prices, month-end importer demand and global recession fears could restrict the gains for the rupee
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade