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UAE: Gold prices drop in Dubai in early trade
Reports about Russian missiles killing two people in Poland have led to a demand for safe-haven assets
Photo: AP
Gold prices fell remaining steadied early in the day on Wednesday, as signs of cooling US inflation boosted bets for smaller rate hikes, while reports of Russian missiles killing two people in Poland led to some demand for safe-haven assets.
Spot gold dropped to $1,773.8 per ounce, at 9.40 am UAE time.
In the UAE, 24K gold price was trading at Dh214.75 per gram at the opening of the markets on Wednesday, as compared to its last night’s close of Dh215.25 per gram. Among the other variants of the precious metal, 22K opened at Dh201.75 per gram, 21K at Dh192.5 and 18K at Dh165.
Edward Moya, a senior market analyst at Oanda, said gold benefited from a couple of soft inflation reports – but now it seems it will need to wait a while longer to see if that trend continues.
“Gold has major resistance at the $1,800 level, and that might prove to be difficult to reach unless we see a major move lower with the dollar,” he said.
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