The UAE face a tricky challenge on Friday in what could be a rain-interrupted qualifying game against Vanuatu
cricket2 hours ago
Gold prices hovered near a four-week low on Tuesday morning, as a strong dollar countered safe-haven demand fuelled by economic slowdown fears amid prospects of aggressive monetary policy tightening.
Spot gold was up 0.24 per cent at $1,824.76 per ounce at 9.30am UAE time.
In the UAE, the Dubai Gold and Jewellery Group data showed 24K trading at Dh221.0 per gram at the opening of the market on Tuesday, down from Dh221.75 at the close of the market on Monday.
Among the other variants of the yellow metal, 22K opened at Dh207.75 per gram, 21K at Dh198.25 and 18K at Dh169.75.
The yellow metal suffered sharp declines on Monday, as the dollar rallied on bets for steep US Federal Reserve interest rate hikes, eroding the appeal of bullion and other precious metals.
Edward Moya, senior market analyst at Oanda, said gold prices are under pressure as Wall Street reassess how aggressive the Fed will have to be to get inflation under control.
“Treasury yields are surging and that theme will continue as supply side problems will continue to keep pricing pressures elevated. Gold will eventually see safe-haven flows but that won’t happen until the dollar hits a peak,” he said.
Moya added that recession risks are growing and that should ultimately be positive for gold prices.
-waheedabbas@khaleejtimes.com
ALSO READ:
The UAE face a tricky challenge on Friday in what could be a rain-interrupted qualifying game against Vanuatu
cricket2 hours ago
The daughter of Sheikh Mohammed married Sheikh Mana in a grand ceremony last year
uae2 hours ago
Authorities also apprehended 179 suspects across 196 operations worldwide
crime3 hours ago
The mission titled ICUBE-Q will be launched on board China's Chang'E6 from Hainan
world3 hours ago
Notable Speech and Tarifa lead an army of contenders in major Classic contests at Newmarket, England and Churchill Downs, America
sports3 hours ago
GCSE and A level board exams take place over several weeks in April, May and June for thousands of students across the world
education4 hours ago
Global Healthcare Week to host ministers, policymakers, innovators, researchers, investors, and entrepreneurs
uae4 hours ago
Shares opened at Dh1.48 a share at ADX against a trading reference price of Dh0.37
markets4 hours ago