UAE: Gold prices flat as Ukraine-Russia tension eases

24K gold price opened at Dh224.5 per gram


Waheed Abbas

Published: Wed 16 Feb 2022, 9:23 AM

Gold prices were flat on Wednesday morning, after hitting an eight-month high in volatile trade on Tuesday, as easing Russia-Ukraine tensions countered support from weaker bond yields.

Spot gold was little changed at $1,852.89 per ounce at 9.15 am UAE time.

In the UAE, 24K gold price opened at Dh224.5 per gram on Wednesday morning, up Dh0.25 per gram. While 22K, 21K and 18K opened at Dh210.75, Dh201.25 and Dh172.5 per gram, respectively.

Edward Moya, senior market analyst at Oanda, said gold prices tumbled over a de-escalation in geopolitical tensions between Ukraine and Russia.

“Optimism that Russia could pull back some troops was the primary domino that sent gold lower. Gold was ripe for some profit-taking but a sustained move lower might not happen as Wall Street remains mostly confident that the US Federal Reserve won’t overtighten policy this year. Gold prices should see strong support from the $1,830 to $1,840 zone as the easing of geopolitical tensions,” added Moya.

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