Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
Gold prices eased on Wednesday as the dollar firmed, although bullion still traded in a narrow range as investors awaited fresh cues from top central banks on their monetary policy plans, especially from the US Federal Reserve.
Spot gold fell 0.3 per cent to $1,825.9 per ounce by 9.15 am UAE time.
In the UAE, 24K gold price fell one-and-a-half dirham per gram at the opening of the market on Wednesday to Dh221.25 per gram as compared to last night’s close of Dh222.75 per gram.
While 22K, 21K and 18K opened at Dh207.75, Dh198.25 and Dh170.0 per gram, respectively.
Jeffrey Halley, a senior market analyst at Oanda, said gold has been grinding lower, even as US yields and the US dollar trade sideways.
“Overnight, gold edged 0.30 per cent lower to $1,833 an ounce, falling another 0.33 per cent in Asia as US dollar strength returns. A bout of US dollar strength post-Powell testimony could finally set up a meaningful test of the bottom of the recent range around $1,800 an ounce,” said Halley.
ALSO READ:
He said gold has resistance at $1,860 and $1,880, the latter appearing an insurmountable obstacle for now. Support is at $1,805 and then $1,780 an ounce. Failure of the latter sets in motion a much deeper correction, potentially reaching $1,700 an ounce. On the topside, I would need to see a couple of daily closes above $1,900 to get excited about a reinvigorated rally,” added Halley.
-waheedabbas@khaleejtimes.com
Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
By understanding the tactics universities employ, students can strategically craft their applications strategy
Oil demand for road transport should peak around 2025
Some of America's most prestigious universities have been rocked by protests in recent weeks as students and other agitators take over quads
Eight teams will compete in this groundbreaking event and more than 10,000 spectators are expected to witness the inaugural edition
Robust performance acknowledged at its annual general meeting
Israel has baulked at a permanent ceasefire, saying that would only allow Hamas to regroup
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY