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The announcement came following the pledge made by the UAE on Saturday to allocate $150 million in new funding for water security solutions
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Dubai: Gold prices rise as dollar retreats, 24K trades at Dh216.5
Photo: AFP
Dubai - Gold's advance has thus far been capped largely by concerns over the Fed's tapering, analysts said.
Gold prices rose on Monday morning after the US dollar retreated and investor concerns that the Delta coronavirus variant could dampen the global economic recovery also lifted bullion's safe-haven appeal.
Spot gold was up 0.49 per cent at $1,787.18 per ounce at 9.15am UAE time.
In the UAE, the 24K price rose to Dh216.5 per gram on Monday morning as against Dh215.75 on Sunday. Among the other variants of the precious metal, 22K was trading at Dh203.5 per gram, 21K at Dh194.25 and 18K at Dh166.5.
The dollar index was down 0.2 per cent, moving away from the 9-1/2-month high it hit last week, lifting gold's allure for holders of other currencies.
"The Delta variant is throwing a sort of a spanner into the works on how likely and how soon we could see a tapering announcement," ING analyst Warren Patterson told Reuters.
Gold's advance has thus far been capped largely by concerns over the Fed's tapering, OCBC analysts said in a note.
"We expect gold to continue trading within a broad sideway trend of $1,750-$1,800 for now, although our near-term bias is to the upside."
waheedabbas@khaleejtimes.com
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