The third round will be played on Sunday and winner of the Dallah Trophy will be decided on Monday
Gold prices eased on Monday from a three-month high touched in the previous session, pressured by stronger US dollar and bond yields, although losses were limited as rising tensions surrounding Ukraine supported safe-haven demand for bullion.
Spot gold was down 0.4 per cent at $1,851.96 per ounce at 9.10 am UAE time.
In the UAE, the Dubai Gold and Jewellery Group data showed 24K opening at Dh224.25 per gram on Monday morning as against its previous close of Dh225.25.
Among the other variants of the yellow metal, 22K was trading at Dh210.5 per gram, 21K at Dh201.0 and 18K at Dh172.25 at the opening of the market on Monday.
"Opportunistic longs that were looking for the momentum of Friday's move and not anything longer than that are coming off a bit and there's a bit of consolidation around these levels," says Ilya Spivak, a currency strategist at DailyFX.
Stéphane Monier, chief investment officer, Banque Lombard Odier & Cie SA, said higher real rates and a strengthening US dollar will become the main drivers of the gold price this year.
“In the short term, high inflation and the prospect of higher US rates will support gold prices. However, we expect the pressures that have driven inflation to its recent highs to moderate through 2022, bringing core price increases to between 2.5 per cent and 3 per cent in the US this year. In these circumstances, we expect gold to be volatile and start to decline, falling to around $1,600/oz as the Fed’s interest rate lift-off kicks off,” said Monier.
He said current levels, therefore, look high and provide an opportunity to reduce portfolio positions even from underweight levels position taken by Banque Lombard Odier & Cie. “Instead, in order to manage inflation risks, we maintain our preference for broad commodity indices, through exposure to a broad basket of industrial metals including copper, zinc, aluminium and nickel,” he added.
waheedabbas@khaleejtimes.com
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