Dubai: Gold price hits Dh228.75, then eases to Dh227
The next natural target for the gold bulls is $1,900 per ounce, say analysts
Gold prices rose on Thursday due to US inflation worries but the rally was capped after the recovery in the dollar against the major basket of currencies.
Spot gold was up 0.57 per cent or $10.56 at $1,875.63 per ounce by 9.15am UAE time.
In Dubai, 24K retail price was trading at Dh227 per gram on Thursday morning. While 22K, 21K, and 18K were selling at Dh213.25, Dh203.5, and Dh174.5 per gram, respectively.
The precious yellow metal’s prices eased from Wednesday’s close when 24K was trading at Dh228.75, 21K at Dh215, 21K at Dh205, and 18K at Dh175.75 per gram in Dubai.
Earlier this week, analysts had predicted that the yellow metal could touch $1,900 an ounce in the coming days.
“The next natural target for the gold bulls is $1,900 per ounce, but there could be a stronger resistance approaching this level… Unless there is a rush to safe-haven currencies globally, gold needs a correction before gathering enough power to fight back the $1,900 resistance,” said Ipek Ozkardeskaya, a senior analyst at Swissquote.
"What's driving gold and will continue to drive it higher from here is the fact that inflation is now very ingrained. But the US Federal Reserve doesn't seem to see it," Edward Meir, an analyst at ED&F Man Capital Markets, told Reuters.
"However, gold is in a bit of a tug-of-war, pulled lower by the stronger dollar and an uptick in the US 10-year rates," he added.
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