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Time to buy: Gold prices drop below Dh220 per gram in UAE

Dubai Gold and Jewelry Group information exhibits 24K buying and selling at Dh219.75 per gram

Gold was barely down on Thursday morning and is heading for its worst quarter since early 2021.

Analysts stated a stronger greenback stored buyers away, with bullion’s outlook clouded by high central banks adopting aggressive techniques in opposition to cussed inflation.

Spot gold was down at $1,816.06 per ounce by 9.16 am UAE time, down by 0.15 per cent.

Within the UAE, valuable steel dropped beneath Dh220 per gram on the opening of the market on Thursday.

The Dubai Gold and Jewelry Group information confirmed 24K buying and selling at Dh219.75 per gram, down from Dh220.25 on the shut of the market on Wednesday.

Among the many different variants of the yellow steel, 22K was buying and selling at Dh206.5 per gram, 21K at Dh197.0 and 18K at Dh169.0.

Gold staged an intraday rally in direction of $1,833 in a single day, however it ran out of steam once more as greenback energy swept the markets on haven inflows.

“That reversed the weak rally and despatched gold to a weak shut, falling 0.12 per cent. Gold continues to hint out decrease highs which counsel that dangers are rising of a giant draw back transfer. Gold has seen no haven inflows, which appear to all be heading into US {dollars} and the US bond market,” stated Jeffrey Halley, senior market analyst at Oanda.

-waheedabbas@khaleejtimes.com

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