Some were asking makeshift boat and kayak operators to transport them as it was quite a challenge to walk through fully submerged footpaths and roads
Gold prices fell on Wednesday morning as the strengthening US dollar continued to sap demand for greenback-priced bullion.
Spot gold was down 0.29 per cent at $1,831.12 per ounce at 9.20 am UAE time.
In the UAE, 24K gold price fell Dh2 per gram at the opening of the market on Wednesday to trade at Dh222.0 per gram.
Among the other variants of the precious metal, 22K opened at Dh208.5 per gram, 21K at Dh199.0 and 18K at Dh170.5.
“As I warned yesterday, the real test of gold’s resilience would be if it held firm in the face of US dollar strength and rising US yields again. On both counts, it failed overnight,” said Jeffrey Halley, senior market analyst at Oanda.
“Gold’s inability to weather the most modest US dollar strength bodes ill and reinforces my fear that its recovery from $1,780 has been built on sandy foundations. Gold now has resistance at $1,840, previous support and the 200-day moving average. That is followed by $,1860 and $1,870 an ounce. If dollar strength persists, and US yields continue rising, gold is increasingly at risk to retest $1,800 and then $1,780 an ounce. Failure of $1,780 signals a deeper, and possibly disorderly fall to $1,700 an ounce,” said Halley.
waheedabbas@khaleejtimes.com
Some were asking makeshift boat and kayak operators to transport them as it was quite a challenge to walk through fully submerged footpaths and roads
Al Ain, who had beaten Cristiano Ronaldo's Al Nassr in the quarterfinals, thrashed Al Hilal 4-2 in the first leg of the Asian Champions League semifinal
Rudiger scored the decisive spot-kick to send Real into the last four and a clash against Bayern Munich
Capitals race to victory inside nine overs after the Titans were dismissed for their lowest IPL score of 89 since they debuted in 2021
He has also directed that support be provided to all families affected by the severe weather conditions
The UAE authority said that it 'reiterates the importance of taking precautions in outdoor work environments where it is difficult to suspend operations'
Fallout from Iran's actions were to an extent priced in by markets
DXB said in a statement that airport 'recovery will take some time' after there was flooding caused by rainwater on the runway