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Spot gold was down 0.3% at $1,793.84 an ounce at 9.15am
Gold prices slipped on Monday, weighed down by a rebound in the dollar and expectations of further interest rate hikes by the Federal Reserve to curb high inflation.
Spot gold was down 0.3% at $1,793.84 an ounce at 9.15am UAE time.
In the United Arab Emirates, precious metals prices opened the first trading day of the week down 1 dirham per gram.
Data from Dubai Gold and Jewellery Group showed 24K was trading at Dh217.5 a gram, down Dh1 from its previous close. And 22K, 21K and 18K also opened lower at Dh204.25, Dh195.0 and Dh167.0 per gram respectively.
Gold closed above $1,800 last week, rising for a fourth straight week, its longest winning streak in nearly a year, as cooling U.S. inflation suggested that rate hikes may not be as aggressive as expected.
“Market participants will be looking for fresh clues on the size of the Fed’s next rate hike. Gold’s next resistance is around $1,840, with support around $1,780 and $1,750. In the UAE, 24K gold prices could be at $212 this week between AED225 and AED225,” said Vijay Valecha, chief investment officer at Century Financial.
“Gold looks like it’s going to consolidate here for a week or two before recovering to $2,000 again. Maybe even some will feel the need to take profits to offset weakness in real estate portfolios,” said chief economist Clifford Bennett. ACY Securities.
“Gold could find support near $1,785. A drop to $1,760 cannot be ruled out, but it would represent a great long-term buying opportunity,” Bennett said.
waheedabbas@khaleejtimes.com
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