[ad_1]
Gold prices took a hit on Tuesday as U.S. Federal Reserve Chairman Jerome Powell acknowledged that a quick undoing of Fed rate tightening is far from over.
Spot gold was down 0.34% at $1,733.9 an ounce by 9.20am UAE time.
In the UAE, gold prices plunged by more than two and a half dirhams per gram at the open on Tuesday.
Data from Dubai Gold and Jewellery Group showed that it was trading at AED 210.25 a gram in 24K on Tuesday morning, compared with AED 213.0 at Monday’s close. On Tuesday, 22K fell below Dh200 a gram again, trading at Dh197.5. Among other variants of the precious metal, 21K and 18K are trading at AED188.5 and AED161.5 per gram respectively.
Edward Moya, senior market analyst at Oanda, said non-interest-bearing gold was crushed early as more global central bank rate hikes were priced in.
“If the dollar doesn’t bounce back here, that could give gold some relief.
If stocks remain in safe-haven mode as speculative money buying risky assets this month fears an impending collapse in economic growth, gold could stabilize here. Gold could easily drop to $1,700, but it’s starting to show some resilience,” he said.
Copyright © 2022 Khaleej Times. all rights reserved. Provided by SyndiGate Media Inc. (Syndicate information).
[ad_2]
Source link