Dubai gold prices rise on Thursday: Will they come down again?
In Dubai, 24K retail gold price rose from Dh203.5 on Wednesday to Dh207.5 on Thursday.
Gold prices in Dubai recovered from a three-week low on Thursday, as the US dollar and Treasury eased after President Joe Biden’s $2 trillion (t) infrastructure push.
In Dubai, 24K retail gold price rose from Dh203.5 on Wednesday to Dh207.5 on Thursday. Similarly, 22K price recovered to Dh194.75, 21K rose to Dh186 and 18K jumped to Dh159.25 on Thursday.
Spot gold rose 1.78 per cent to $1,714.37 per ounce by 9.44am UAE time globally on Thursday. US gold futures were down 0.1 per cent to $1,713.80 per ounce.
According to Reuters technical analyst Wang Tao, spot gold faces resistance at $1,716 per ounce and it may hover below this level for a day or retreat to $1,691.
"Gold rallied overnight on quarter-end portfolio rebalancing flows, assisted by a weaker US dollar and no fireworks in the US bond market after President Biden released the first details of the infrastructure package," said Jeffrey Halley, senior market analyst, OANDA.
Halley said Biden’s multitrillion-dollar package is reasonably revenue-neutral and meaningless bond issuance than expected. “That allowed bond yields to remain stable, which helped gold move higher over the day," he said.
Gold is seen as a hedge against higher inflation that could follow stimulus measures, but a recent spike in US Treasury yields has weighed on the non-yielding commodity.
With 4,000 requests, Fatwa services topped the list for the first... READ MORE
The police did not find any identity documents on the body. READ MORE
Traditional payment methods suspended. READ MORE
Recipient of the parcel was allegedly held up in Dubai owing to Covid ... READ MORE
This is in line with the directives of Sheikh Mohammed. READ MORE
Business licensing activity surpasses pre-pandemic levels to record... READ MORE
Brand Dubai and Dubai Municipality said the selected participants... READ MORE
He befriended her through social media and invited for a get-together READ MORE