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Time to buy: Gold prices drop further in UAE
Investors continue to see the wrath of elevated inflation data
Gold prices languished near a one-month low on Wednesday morning and were set for a fifth consecutive monthly drop, as solid US data and hawkish Federal Reserve comments pointing to aggressive interest rates dented the non-yielding metal's appeal.
Spot gold was flat at $1,725.6 per ounce.
In the UAE, the 24K gold price opened one dirham per gram lower at Dh209 on Wednesday morning. While 22K, 21K and 18K were trading at Dh196.25, Dh187.25 and Dh160.5 per gram.
Edward Moya, a senior market analyst at Oanda, said gold prices are declining as investors continue to see the wrath of elevated inflation data that supports the argument for further global central bank tightening.
“Gold’s rough patch seems like it will continue a little while longer as gold-backed ETFs continue to see outflows. A weaker dollar and a flight-to-safety might be what is needed for gold to stabilise and that could be happening. If the ECB doesn’t disappoint and delivers a massive 75 basis-point rate increase and if equities tumble as earnings expectations crumble, gold’s bleeding could stop. Geopolitical risks and the global energy crisis impact on growth should eventually lead to safe-haven flows for the yellow metal,” said Moya.
waheedabbas@khaleejtimes.com
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