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Spot gold was flat at $1,811.07 an ounce as of 9.20am UAE time
Gold prices were largely flat on Tuesday morning as investors stayed away from the market on a weak inflation outlook and an imminent rate hike by major central banks.
Spot gold was flat at $1,811.07 an ounce as of 9.20am UAE time.
In the United Arab Emirates, 24K gold fell 25 fils per gram to AED219.25 per gram at the open on Tuesday.
Among other variants of the yellow metal, 22K opened at Dh206.0 per gram, 21K opened at Dh196.75 and 18K opened at Dh168.5.
Stephen Innes, managing partner at SPI Asset Management, said gold’s inflation-hedging appeal was overshadowed by a weaker inflation outlook, with imminent global interest rate hikes also dimming the prospects for the non-yielding asset.
“While we’re stuck in the $1,790 to $1,830 range, gold is likely to be supported by recession fears and the Fed may soften its policy stance as the market moves away from inflation concerns,” Innes said.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said heightened geopolitical tensions and sharply lower U.S. yields supported a near-term rebound. “In the medium term, the death cross pattern on the daily chart suggests we should see strong resistance at the $1,850 mark,” Ozkardeskaya said.
-waheedabbas@khaleejtimes.com
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