The anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’
Gold prices were flat on Wednesday morning as hawkish comments from US Federal Reserve officials bolstered the dollar and Treasury yields to multi-year highs, denting bullion's safe-haven demand and offsetting support from uncertainty around the Ukraine war.
Spot gold was flat at $1,921.66 per ounce as of 9.15 am UAE time, declining 0.06 per cent.
In the UAE, 24K opened at Dh232.75 per gram. While 22K, 21K and 18K were trading at Dh218.5, Dh208.5 and Dh178.75 per gram, respectively.
Jeffrey Halley, senior market analyst at Oanda, said gold remains confined to a narrow but noisy $1,915 to $1,945 an ounce range.
“The risks are still skewed to the downside for gold, especially if US yields and the US dollar keep climbing. Only a rally through $1,970 changes that outlook temporarily. Failure of $1,915 an ounce will signal a retest of important support at $,1880,” added Halley.
"Traders remain heavily net-long on gold futures markets, and that's clearly helping to support prices overall," City Index senior market analyst Matt Simpson told Reuters.
"Yet, the stronger US dollar and lack of safe-haven demand are capping its upside potential."
The dollar scaled its highest in nearly two years as Fed officials pushed for a quick reduction in the central bank's bloated balance sheet, with one of them expressing openness to hefty rate increases of half a percentage point.
waheedabbas@khaleejtimes.com
The anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’
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