Dubai gold prices drop, Bitcoin in focus
Precious yellow metal and safe-haven asset faces pressure from digital currencies.
Gold prices fell on Thursday morning in Dubai and worldwide.
Spot gold prices were trading at $1,741.36 an ounce in the global market, down by $3.58 an ounce or 0.22 per cent at 9.30am UAE time.
Dubai retail gold prices also fell in line with the global rates, as the 24K price fell Dh0.75 per gram from Dh211.25 on Wednesday to Dh210.50 on Thursday morning.
Dubai Gold and Jewellery Group priced 22K, 21K and 18K gold at Dh197.75, Dh188.5 and Dh161.75 per gram, respectively, on Thursday morning.
Investors were waiting for the US weekly jobless claims and March retail sales data for further clarity on the recovery in the world's largest economy.
"A weaker dollar after the Fed speech and the central bank's willingness to tolerate more inflation is keeping gold supported," said Yingtao Jin, an analyst at StoneX Group.
Jin said investors are also shifting positions to digital currencies after bitcoin hit a record high on Wednesday. This is exerting downward pressure on the metal.
"Although gold has lost much of its appeal for investors in 2021 compared to 2020 and the technical picture has deteriorated in favour of bears rather than gold bulls, deep corrections of prices are still viewed as buying opportunities," said Avtar Sandu, senior commodities manager at Phillip Futures.
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