Time to purchase: 24K gold value plunges to Dh219 in Dubai – Information

Spot gold fell 0.03% to $1,808.46 per ounce at 9.10 am UAE time.

Businesses file

Gold costs fell on Tuesday morning and had been hovering round a two-week low because the US greenback gained after President Joe Biden’s nomination of Federal Reserve chairman Jerome Powell for the second time period.

Spot gold fell 0.03 per cent to $1,808.46 per ounce at 9.10 am UAE time.

Within the UAE, 24K fell to Dh219.0 per gram on the opening of the market, falling Dh3 from Mondays’ shut and Dh4.75 from Monday’s opening value.

In line with the Dubai Gold and Jewelry Group’s information replace on Tuesday morning, 22K was buying and selling at Dh205.75, 21K at Dh196.25 and 18K at Dh168.25.

Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, mentioned following the re-nomination of Jerome Powell in a single day, the Fed taper commerce reignited and rising US long-dated yields reasserted their dominance as soon as once more over the gold value.

“That led to a pointy fall by gold and the essential $1,832 to $1,835 an oz. zone failed. As soon as once more gold has whipsawed the bulls in brutal style. Gold slumping by over $40, or 2.25 per cent to $1,805 an oz.,” mentioned Halley.

Because of having been burnt so badly, he mentioned, even when the US yields retreat over the following few periods earlier than the Thanksgiving vacation, traders are prone to be rather more cautious at re-entering lengthy positions.

“Momentum will probably be muted and that signifies that the $1,835 to $1,850 area will cap beneficial properties this week, though I really feel it unlikely, we are going to even get that far. If US yields stay agency this week, gold will probably be weak to additional losses by way of $1,800, mentioned Halley.

waheedabbas@khaleejtimes.com