iPhone | iPad
Android
Huawei
The dollar index, which gauges the greenback's strength against six currencies, fell 0.41 per cent to 105.63, post weak US data and dovish Fed minutes
KT APPDOWNLOAD
UAE: Gold prices ease; 22K opens at Dh221 per gram in Dubai
Spot gold was down 0.16% at $1,941.59 per ounce at 9.10am UAE time
Agencies file
Gold prices eased on Monday, as the dollar and Treasury yields firmed on prospects of aggressive interest rate hikes by the US Federal Reserve, while fresh concerns over Russia's attacks in eastern Ukraine lent some support to the safe-haven metal.
Spot gold was down 0.16 per cent at $1,941.59 per ounce at 9.10 am UAE time.
In the UAE, 24K gold price opened at Dh235.25 per gram on Monday, down by half a dirham from its previous close. While 22K, 21K and 18K were trading at Dh221.0, Dh210.75 and Dh180.75, respectively, at the opening of the market on Monday.
Jeffrey Halley, senior market analyst, Oanda, said gold appears to have found haven-related buyers hedging weekend risks, but it still did not manage to take out resistance at $1,950 an ounce.
“Gold is still range trading, albeit to the higher end of that range. I believe the risks are still skewed to the downside for gold, especially if US yields and the dollar keep climbing. Gold needs to break through $1,950 and $1,970 an ounce to change that outlook. Failure of $1,915 will signal a retest of important support at $1,880 and possibly $1,800 an ounce,” said Oanda.
Naeem Aslam, chief market analyst at Ava Trade, said the precious metal is likely to remain volatile while investors continue to adjust their portfolios according to the US Federal Reserve's hawkish monetary policy while keeping a close eye on the economic fallout of the Ukraine crisis.
“In terms of price action, it is very clear that traders would like to have more clarity on geopolitical uncertainty between the US and Russia and the rising inflation situation in the US. Supply-side disruptions, worsened by the Russia–Ukraine war, are likely to keep inflation higher for longer,” added Aslam.
waheedabbas@khaleejtimes.com
More news from Markets
San Francisco Fed President Mary Daly said the real-world impact of US interest rate hikes is likely greater than what its short-term rate target implies
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.24 per cent to 107.57
Spot gold was down at $1,745.85 per ounce by 9.05am UAE time
On Friday, the rupee depreciated 10 paise to close at 81.74 against the US currency
The KSA retail offer remains unchanged at 10% of the total offering, whilst the institutional offer will reduce from 85% to 80% of the total IPO
The offering size is confirmed at Dh750 million, resulting in the issuance of a total of 250,000,000 new ordinary shares
They were weighed down by a strong dollar after better-than-expected US retail sales data clouded hopes of a smaller rate hike