UAE: Gold prices dip, likely to lose further

Spot gold was down 0.31% at $1,951.01 per ounce at 9.15am UAE time


A Staff Reporter

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Agencies file
Agencies file

Published: Thu 21 Apr 2022, 9:34 AM

Gold prices eased on Thursday morning as a rebound in US Treasury yields tempered bullion's safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy.

Spot gold was down 0.31 per cent at $1,951.01 per ounce at 9.15 am UAE time.

In the UAE, 24K gold prices opened at Dh236.25 per gram on Thursday morning. While 22K, 21K and 18K were trading at Dh222.0, Dh211.75 and Dh181.5 per gram, respectively.

Jeffrey Halley, senior market analyst at Oanda, said gold price remained steady overnight, but notably, it failed to rally as US yields and the US dollar both retreated.

“Gold still looks vulnerable and failure of $1,940 could see more speculative long positions getting culled and gold falling to $1,915 an ounce. However, gold’s price action of the past few weeks has been quietly signalling those risks, be they inflation or geopolitical, have been increasing. Nothing I can see has changed that fact, and thus, the deeper correction lower could be an opportunity to load up again at much better levels,” added Halley.

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