Dubai Crown Prince Sheikh Hamdan posts an adorable video of it
Gold prices rose on Tuesday morning on the back of weaker dollar, but were stuck in a tight range as investors refrained from making big bets ahead of a possible aggressive US interest rate hike.
Spot gold was up 0.16 per cent at $1,722.28 per ounce at 9.10am UAE time.
In the UAE, the 24K price rose 25 fils to Dh208.5 per gram at the opening of the market on Tuesday. While 22K, 21K and 18K opened at Dh195.75, Dh186.75 and Dh160.25 per gram, respectively.
The dollar slipped for a fourth straight session, down 0.2 per cent against its rivals, making gold less expensive for buyers holding other currencies.
ALSO READ:
"We're not really seeing a tremendous amount of directional conviction here. It seems like the market is most importantly waiting for the Fed announcement," said Ilya Spivak, a currency strategist at DailyFX.
Jeffrey Halley, senior market analyst, Asia Pacific, Oanda, said charts continue to suggest that while gold is trying to form a medium-term low, its price action remains underwhelming.
“We will have to wait until we get into the meat of the week's calendar to see if this scenario plays out. Gold needs to overcome heavy resistance at the $1,745 an ounce triple top before the gold bugs can really start to get excited,” said Halley.
The precious metal has support at $1,680, and then the longer-term support around $1,675 an ounce zone, he added.
-waheedabbas@khaleejtimes.com
Dubai Crown Prince Sheikh Hamdan posts an adorable video of it
71% of all respondents said global warming is already impacting their lives
As music aficionados await an exclusive classical soiree, JKiyone speaks about her upcoming concert at the Dubai Opera
The move will be official in November, and son Lachlan Murdoch to head both companies
Jaideep Ahlawat and Vijay Varma also star in this Sujoy Ghosh's Netflix directorial
The spokesperson faced a volley of questions over the row between the two countries following the tit-for-tat expulsion of diplomats
During the 2023 Philanthropy Asia Summit (PAS), themed ‘Climate Crossroads: Pathways for Action,’ Singapore’s Temasek Trust launched the Philanthropy Asia Alliance (PAA) to serve as a dedicated platform to build capabilities, capacities and communities in the philanthropic sector, and harness multi-sector partnerships to catalyse Asian solutions for global challenges
AI-driven solution uses social robotics to improve waste management