iPhone | iPad
Android
Huawei
Dubai lender now ranks fourth in the Middle East and Africa
KT APPDOWNLOAD
UAE: Gold prices slip further in Dubai as festive season approaches
Edward Moya, a senior market analyst at Oanda, said gold bulls keep licking their wounds as the king dollar trade won’t go away
Photo: Reuters file
Gold prices lingered at a three-week trough on Thursday, pressured by rising US dollar and Treasury yields amid worries that the Federal Reserve will persist with sharp rate hikes.
Spot gold inched down 0.1 per cent to $1,627.04 per ounce on Thursday morning.
In the UAE, the 24K gold prices slipped to Dh197.75 per gram at the opening of the markets on Thursday, down by Dh0.25 from its last night's close. While 22K, 21K and 18K opened at Dh185.75, Dh177.25 and Dh152.0 per gram, respectively.
Edward Moya, a senior market analyst at Oanda, said gold bulls keep licking their wounds as the king dollar trade won’t go away.
“Gold ETF purchases are not gaining any interest and weakening outlooks across China and India will weaken the normally attractive time to buy gold. The bond market still tells gold where it is going and with Treasury yields making a strong move higher, non-interest bearing gold is in trouble,” he said.
Moya warned that if gold breaks below the $1,620 level, it could get even uglier for gold.
“The psychological $1,600 level might not prove too strong of a support level for gold, which could lead to a plunge to the $1,550 level,” he added.
-waheedabbas@khaleejtimes.com
ALSO READ:
More news from
Residents have been asked to remain indoors, unless in emergency situations
The fleet boasts an array of sedans and SUVs, all equipped with the latest features and amenities to make your driving experience enjoyable
Calligraffiti artist Abdul Kareem recounts his journey of live art performance, detailing two months of intense practice to create this larger-than-life artwork for the Dubai World Cup
The group of four friends, all residents of the UAE, were enjoying their getaway when the risky situation befell upon them
On Monday evening, schools sent out circulars to parents stating the transition to remote learning on Tuesday
Diamondz, a luxurious project by Danube Properties Dubai, becomes the first destination in the Middle East to launch a gym with Salman Khan's Being Strong fitness equipment
Most schools across the UAE started a new term on Monday with over one million students returning to their classrooms
