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UAE: Gold prices rise as US dollar weakens
Spot gold rose 0.52% to $1,855 per ounce by 9.10am UAE time
Reuters file
Gold prices rose on Monday morning on the back of a decline in the US dollar.
Spot gold rose 0.52 per cent to $1,855 per ounce by 9.10am UAE time.
In the UAE, 24K gold price rose Dh0.75 per gram at the opening of the market on Monday to trade at Dh224.5 per gram as compared to last week’s close of Dh223.75.
Among the other variants of the yellow metal, 22K opened at Dh211.0 per gram, 21K at Dh201.25 and 18K at Dh172.5.
"The jury is still out as to whether gold has weathered the storm in the medium term, or is (it) merely rallying in response to a sustained pullback by the US dollar," said Jeffrey Halley, senior analyst at Oanda.
The dollar index began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on more dollar gains from rising US rates and hoped that easing lockdowns in China can aid global growth.
"Before turning structurally bullish, I would need to see gold hold onto its recent gains in the face of dollar strength, and not dollar weakness," Halley said.
waheedabbas@khaleejtimes.com
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