The attack was planned by the group, who armed themselves with weapons and used a level of violence that can only suggest they intended to kill him
Gold prices on Wednesday fell below $1,900 an ounce as rise in US Treasury yields weighed on the precious metal.
Spot gold was down 0.13 per cent at $1,896.35 per ounce at 9.15am UAE time.
The precious metal had hit $1,916.4 an ounce on Tuesday, its highest level since January 8.
In the UAE, 24K retail gold price fell below Dh230 on Wednesday morning, trading at Dh229.75, the Dubai Gold and Jewellery Group data showed.
Meanwhile, 22K, 21K and 18K were trading at Dh215.75, Dh205.75 and Dh176.5 per gram respectively.
Ipek Ozkardeskaya, senior analyst at Swissquote, said the rising inflation is a boon for gold prices, and the yellow metal consolidates above the $1,900 per ounce. “But for the gold rally to maintain its actual speed, the US yields should remain subdued,” he said.
“On one hand, Fed chairman Jay Powell and the Fed officials insist that the inflation peak shouldn’t last long. On the other hand, investors are scratching their heads on what would magically ease the actual inflationary pressures. Commodity prices soaring, oil joining the bull party, chip shortages, slow global logistics, and improved economic activity can only boost consumer prices,” he said.
The analyst added, “Therefore, there is a chance that, at some point, we start seeing a significant rise in the US yields. It’s just a matter of time before we see the 10-year yield jump past the two per cent level. If that happens, we should see the gold rally fading from the actual levels, despite rising inflation expectations."
waheedabbas@khaleejtimes.com
The attack was planned by the group, who armed themselves with weapons and used a level of violence that can only suggest they intended to kill him
Fallen crypto hero offers apology to his former FTX colleagues
Sector’s GDP contribution is expected to have nearly doubled this year from 2021 to 36.1%
Rice is grown on 416,000 hectares across Europe and total production amounts to 2.8 million tonnes per year
Investigators say the attackers had received significant amounts of cash and cryptocurrency from Ukraine
Complete breakdown of the positions, along with instructions for job seekers on where to submit their CVs
The company aims to capitalise on technology by connecting its cars with its phones and home appliances
After a five-decade-long career, Juergen Hasenkopf, 73, says he can continue to travel around the world for 10 more years