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Spot gold was up 0.3 per cent at $1,777.20 per ounce
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UAE: Gold prices slip ahead of US inflation data
Spot gold was down 0.29% at $1,848
Gold prices slid lower on Wednesday morning as an uptick in the dollar and Treasury yields limited bullion's appeal, with investors looking ahead to US inflation data for more direction on interest rates.
Spot gold was down 0.29 per cent at $1,848.12 per ounce as of 9.25 am UAE time.
In the UAE, 24K gold was trading at Dh223.75 per gram at the opening of the market on Wednesday compared to yesterday's close of Dh224.25 per gram.
While 22K, 21K, and 18K opened at Dh210.25, Dh200.75 and Dh172 per gram.
Jeffrey Halley, a senior market analyst at Oanda, said gold has resistance at $1,870, followed by the 100-day moving average at $1,889, and then $1,900. Support is at $1,837, $1,830, and then $1,780 an ounce.
"I do not discount a disorderly retreat if the latter fails. The wider $1,830 to $1,870 range seems set to continue until Friday," said Halley.
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-waheedabbas@khaleejtimes.com
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It opened at 79.16 against the US dollar and touched 79.11 in initial deals
Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent
Higher oil prices, month-end importer demand and global recession fears could restrict the gains for the rupee
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade
The US central bank is widely expected to raise interest rates by another 75 basis points
The currency slipped below 80 against the US dollar recently
Higher oil prices, global growth fears and a hawkish Fed could keep appreciation bias capped, expert says