30.5 C
Dubai
Friday, November 1, 2024
spot_img

Gold hits over three-month low; 22K below $54.45 per gram

[ad_1]


Gold hit its lowest level in more than three weeks on Monday morning, weighed down by a stronger dollar and expectations that the Federal Reserve will raise interest rates further to curb soaring inflation.

Spot gold was down 0.11% at $1,743.46 an ounce as of 9.12am UAE time.

In the UAE, 24K prices fell to AED211.25 a gram on Monday morning, down 0.5 AED per gram. Likewise, 22K, 21K and 18K opened at Dh198.5, Dh189.25 and Dh162.25 per gram, respectively.

In the latest Fed comments, St. Louis Federal Bank President James Bullard said he was considering backing a third straight 75 basis point rate hike in September, saying he wasn’t ready to say the economy has gone through its worst. Inflation soared.

“The Fed’s hawkish stance has pushed the dollar to a one-month high against key rivals, making gold more expensive for buyers holding other currencies. Meanwhile, profit-taking near the $1,800 mark has also weighed on the safe-haven Metals. Going forward, all eyes are on the Jackson Hole symposium scheduled for next week, where the Fed’s expected repricing will drive the market,” said Vijay Valecha, chief investment officer at Century Financial.

Technically, a break below $1,750 could open the door to the $1,725-$35 area and then $1,710, he said. On the upside, the $1,775 and $1,800 mark could act as strong resistance. In the UAE, 24K gold is likely to trade between AED207 and AED218 this week.

Copyright © 2022 Khaleej Times. all rights reserved. Provided by SyndiGate Media Inc. (Syndicate information).

[ad_2]

Source link

Related Articles

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid Join Forces to Shape UAE’s Future Development

Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, convened for high-level discussions centered on the...

New Bridges on Al Khail Road Boost Mobility and Unlock Growth

New bridges on Al Khail Road marks a major milestone in the UAE’s commitment to enhancing mobility and supporting economic growth. As one of Dubai’s...

UAE Visa Amnesty Program Empowers Thousands with a Fresh Start.

UAE latest visa amnesty program has brought a wave of relief and optimism, offering thousands of individuals an opportunity to regularize their immigration status. Launched...

Latest Articles