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Gold prices rose in the United Arab Emirates and Asia on Thursday morning as the dollar and U.S. Treasury yields fell, as market participants awaited fresh signs of the Federal Reserve’s plans to raise interest rates.
Spot gold was up 0.16% at $1,808.73 an ounce by 9:30 am UAE time.
In the UAE, 24-carat gold opened at Dh219.25 a gram on Thursday, compared to last night’s close of Dh218.5 a gram.
Among other variants of the yellow metal, 22K opened at Dh203 per gram, 21K at Dh196.5 and 18K at Dh168.25.
Gold, considered a “safe haven” or “inflation hedge,” is having a tough year, said Dailyfx analyst David Cotter.
“For most of the time since March, the metal has behaved more like a classic ‘risk asset’ than any kind of safe haven,” Cottle said.
“It seems counterintuitive that stocks and gold have fallen more or less together since March, if the latter is really any kind of effective safe haven or inflation hedge … when disaster strikes or inflation rises , prices will indeed rise. But it is also clear that such gains will be short-lived and none of them will come close to breaking the current downtrend,” he added.
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