Dubai: Gold costs flat; all eyes set on US inflation knowledge – Information

Spot gold was flat at $1,785.58 per ounce at 9.10 am UAE time.

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Gold costs have been flat on Thursday, because the US greenback and Treasury yields firmed forward of key inflation knowledge that might present clues on the Federal Reserve’s subsequent coverage transfer.

Spot gold was flat at $1,785.58 per ounce at 9.10 am UAE time, up 0.11 per cent.

Within the UAE, 24K gold opened at Dh216.25 per gram on Thursday morning whereas 22K was buying and selling at Dh203.25, 21K at Dh194.0 and 18K at Dh166.25 per gram.

The greenback index strengthened 0.1 per cent, additional weighing on bullion by elevating its value to consumers holding different currencies.

Naeem Aslam, chief market analyst at AVA Commerce, mentioned buyers ought to perceive that the largest occasion of the week for gold is the inflation studying to be launched on Friday.

“In anticipation of the info, treasury yields within the US dropped from their current highs following which gold costs jumped. It is because a decline in treasury yields reduces the chance value of holding the dear steel and makes gold extra interesting,” he mentioned.

waheedabbas@khaleejtimes.com