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Dubai gold price up Dh1; will it rise further?

Dubai - TD Securities foresee over 9 per cent gain in gold price.

The decline in gold price reversed on Thursday morning, rising by 0.6 per cent as support from easing US Treasury yields was offset by a strong dollar.

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Spot gold was trading at $1,737.38 per ounce by 0530 GMT (9.30am UAE time).

In Dubai, retail gold price rose by Dh1 on Thursday morning, as 24K gold traded at Dh210.25.

Meanwhile, 22K, 21K, and 18K gold were selling at Dh197.5, Dh188.5, and Dh161.5, respectively.

The price of the precious yellow metal rose, despite benchmark 10-year US Treasury yields and the dollar rising.

A stronger dollar makes holding gold more expensive for other currency holders.

Bart Melek, head of commodity strategies at TD Securities, said the commodity’s price could rise over nine per cent to $1,900 again, a strong dollar, which is unlikely to weaken in the near term, given lockdowns in Europe and the potential outperformance of the USA versus other economies remain a headwind for gold.

However, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, believes that gold would be most likely to trade between $1,700 and $1,750 an ounce until later this week.

waheedabbas@khaleejtimes.com