iPhone | iPad
Android
Huawei
Company targets $300 million revenue from the new terminal
KT APPDOWNLOAD
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.
ALSO READ:
More news from Business
Newly transformed global arbitration centre to boost alternative dispute resolution
Over 4,000 attendees, more than 125 exhibitors, and 2,100+ companies are expected to take part in the event
Strong adoption and delivery, and higher implications for emerging digital government services have placed UAE in 3rd position globally, according to a new study released by Boston Consulting Group
Markets have repeatedly had to scrap bets for a quick pivot, pushing those expectations out farther as the central bank charged ahead with the most aggressive policy tightening in 40 years
Bank of England raises Bank Rate by 50 basis points; Governor Bailey sees inflation turning corner; But too soon to call victory, Bailey says; Two rate-setters vote against rate hikes; Investors see rate-hike run coming to end