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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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UAE: Gold price flat as dollar stays strong
Spot gold held its ground at $1,741.93 per ounce at 9.31am UAE time
The gold price was flat on Monday morning, as a towering US dollar put pressure on demand for greenback-priced bullion and pinned it near nine-month lows seen last week.
Spot gold held its ground at $1,741.93 per ounce at 9.31 am UAE time.
In the UAE, 24K price slightly dropped to Dh211.0 per gram while 22K, 21K and 18K were trading at Dh198.25, Dh189.25 and Dh162.0, respectively.
"While gold prices remain below $1,753/oz it seems a move down to $1,720 is on the cards. Although there is some support around $1,730... Given the bearish trend overall, any upside is likely to be a retracement, at best," said Matt Simpson, senior market analyst at City Index.
Naeem Aslam, chief market analyst at Ava Trade, said the precious metal’s price action is very much driven by the dollar index, which is holding on to its strength.
“The fact is that US NFP (Non-Farm Payrolls) data has provided support for the Fed’s hawkish monetary policy, it is highly likely that the next interest rate will be 75 basis points, and this means that the dollar will pick more strength, and the gold price is likely to lose more shine,” added Aslam.
-waheedabbas@khaleejtimes.com
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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