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UAE: Gold prices drop; 24K sells at Dh217.0 per gram
Spot gold was trading at $1,791.82 per ounce at 9.15am UAE time.
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Gold prices fell at the opening of the market ahead of the US December inflation data.
Spot gold was trading at $1,791.82 per ounce at 9.15 am UAE time on the first day of the week. In the UAE, the 24K price fell Dh0.75 per gram to Dh217.0 at the opening of the market on Monday. The Dubai Gold and Jewellery Group data showed 22K opening at Dh204.0 per gram, 21K at Dh194.5 and 18K at Dh166.75.
Traders on Monday awaited December US inflation data that could reinforce the case for earlier-than-expected interest rate hikes by the US Federal Reserve after weaker jobs data.
Gold is considered a hedge against higher inflation, but the metal is highly sensitive to rising US interest rates which increase the opportunity cost of holding non-yielding bullion.
Naeem Aslam, chief market analyst at AVA Trade, sees the near-term resistance for the yellow metal at $1,830 while the support is at $1,760.
Edward Moya, senior market analyst at Oanda, said a few rate hikes are already priced in for 2022.
“Gold is tentatively below both the $1,800 level and the 50- and 200-day SMA, but a continued selloff seems less likely. If bearishness resumes (on Monday), buyers could emerge at the $1,770 area,” added Moya.
waheedabbas@khaleejtimes.com
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