Hundreds of social workers and volunteers are working round the clock, providing essentials to those affected by the unprecedented rainfall
Gold prices fell in Dubai on Wednesday morning in line with a drop in global rates due to a rise in US Treasury yields and a stronger dollar.
Spot gold was down 0.33 per cent or $6.0 an ounce at $1,829.65 per ounce by 9.15am UAE time.
In the UAE, 24K retail price fell by a dirham to Dh221.75 per gram on Wednesday morning, while 22K, 21K, and 18K gold prices declined to Dh208.25, Dh198.75, and Dh170.25 per gram, respectively.
Investors await US consumer price index data (CPI) due later on Wednesday (May 12), which will set the direction for the precious metal.
Naeem Aslam, the chief market analyst at AVATrade, said in the commodity market, traders are focused on risk-off and safe-haven assets such as gold.
“Speaking from a technical price perspective, the gold price is currently in a battle with the 200-day simple moving average on the daily timeframe,” he said.
-waheedabbas@khaleejtimes.com
Hundreds of social workers and volunteers are working round the clock, providing essentials to those affected by the unprecedented rainfall
The floodwaters spared nothing, soaking their furniture, rendering household appliances useless, and destroying the newly-purchased school books
Second-placed Liverpool remain three points behind Arsenal, who have a vastly superior goal difference
The in-form Italian will move to within 330points of World No 1 Djokovic if he wins his fourth trophy of 2024 at the Madrid Open
The King, 88, had undergone gallbladder surgery in 2020
Delhi posted 224-4 courtesy of a 113-run stand between Pant (88) and fellow left-hander Axar Patel, who hit 66
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively