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  • 06-04-22

    UAE: Gold costs stable; 24K starts at Dh232.75 each gram in Dubai

    (MENAFN) On early Wednesday, gold costs were flat as hawkish remarks from US Federal Reserve officials supported the dollar and Treasury yields to multi-year highs, hitting bullion's safe-haven call and balancing support from doubt around the Ukraine conflict.

    Spot gold reached USD1,921.66 an ounce on 9.15 am UAE time, decreasing 0.06 per cent.

    In the UAE, 24K started at Dh232.75 a gram, while 22K, 21K and 18K were standing at Dh218.5, Dh208.5 and Dh178.75 a gram, one-to-one.

    Jeffrey Halley, senior market analyst at Oanda, announced gold stays confined to a narrow nonetheless noisy USD1,915 to USD1,945 per ounce range.

    Halley continued “The risks are still skewed to the downside for gold, especially if US yields and the US dollar keep climbing. Only a rally through USD1,970 changes that outlook temporarily. Failure of $1,915 an ounce will signal a retest of important support at USD,1880.”

    City Index senior market analyst Matt Simpson updated Reuters "Traders remain heavily net-long on gold futures markets, and that's clearly helping to support prices overall."

    "Yet, the stronger US dollar and lack of safe-haven demand are capping its upside potential."

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