UAE: Gold prices slip ahead of US inflation data

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.

ALSO READ:

• World Bank slashes global economic growth forecast

• UAE: Abu Dhabi bourse’s market cap set to reach Dh3 trillion this year

-waheedabbas@khaleejtimes.com

• UAE