KHALEEJ TIMES, Thursday, Jan 06, 2022 | Jamada Al-Aakhirah 03, 1443
Gold prices drop over Dh2 per gram; 24K opens at Dh218.75
Emirates:
Gold prices fell on Thursday morning in the UAE and worldwide as a surge
in US Treasury yields following hawkish meeting minutes released by the Federal
Reserve offset the precious metal’s safe-haven demand amid rising cases of the
Omicron coronavirus variant.
Spot gold was trading at $1,805.94 per ounce at 9.20 am UAE time, down by 0.23
per cent.
In the UAE, gold prices fell more than Dh2 per gram at the opening of the
market. the 24K opened at Dh218.75 per gram on Thursday, down from Wednesday’s
close of Dh221.25. Among the other variants of the yellow metal, 22K opened at
Dh205.0, 21K at Dh196.0 and 18K at Dh168.0
Jaffrey Halley, senior market analyst at Oanda, said with US yields and the US
dollar holding their gains but trading sideways, gold eased 0.25 per overnight.
“Given the price action overnight, it appears that gold is still vulnerable to
higher US yields and a higher US dollar. Any rallies should be approached with a
great deal of caution and scepticism. $1,790.0 to $1,820.0 remains my call for
the range this week. Gold has resistance at $1,830.0 and $1,840.0 an ounce,
although it would be a huge surprise if we saw those levels. Support lies at
$1,798.0, followed by $,1790.0 and $1,780.0 an ounce,” said Halley.
Vijay Valecha, chief investment officer, Century Financial, said gold bulls
appear to be pausing before making their next move, with eyes on the US jobs
data.