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UAE: Gold prices drop in early trade, 24K slips below Dh224 per gram
Spot gold dipped 0.46% to $1,845.62 per ounce at 9.10am UAE time
Agencies file
Gold prices edged lower on Thursday morning in the UAE and worldwide as US Treasury yields gained, after the appeal of bullion was somewhat restored by minutes of a US Federal Reserve policy meeting that showed the central bank was unlikely to get more aggressive on interest rate hikes.
Spot gold dipped 0.46 per cent to $1,845.62 per ounce at 9.10am UAE time.
In the UAE, the Dubai Gold and Jewellery Group data showed 24K trading at Dh223.25 per gram on Thursday morning as compared to Wednesday’s close of Dh224.0 per gram. Among the other variants of the precious metal, 22K was trading at Dh209.75 per gram, 21K at Dh200.25 and 18K at Dh171.5.
Gold cut some dollar strength-driven losses on Wednesday after notes from the Fed's May meeting suggested the central bank would raise interest rates by 50 basis points in June and July to combat inflation they agreed had become a key threat to the economy's performance.
It was positive for gold that the Fed will put in two more half-percentage-point hikes and then wait to see its economic impact, said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.
But gold's response has been quiet disappointing, with the minutes also boosting risk sentiment, McCarthy said.
Vijay Valecha, chief investment officer at Century Financial, said gold-backed Exchange-traded funds have also begun to see inflows again since last week, marking the fourth straight day of additions to 105.219 million ounces on Wednsday.
“Nonetheless, the path ahead for the bullion appears tricky as concerns over economic growth are being countered by expectations of more aggressive monetary policy tightening by the Federal Reserve,” he added.
Technically, strong support is seen near the $1,840-50 region, a break below which will open doors to $1,820 followed by $1,810. On the upside, bulls need to clear $1,870 to target $1,885.
waheedabbas@khaleejtimes.com
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