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With his famous stepfather Tommy Fleetwood on his bag, Dubai’s Oscar Craig shoots a promising first round 69
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Is today a good time to invest in gold?
Dubai - Demand for bars and coins has risen 11 per cent year-on-year.
However, despite low inflation and weak dollar the resistance level of $1,300 is firm for now as expected US Fed rate hike and profit taking may keep gold from breaching the barrier this year.
According to World Gold Council, bar and coin demand rose by 11 per cent year-on-year and India's demand for jewellery rose by 26 per cent. Moreover, gold held in European-listed ETFs reached an all-time high at 978 tonnes. Retail gold rates in Dubai on Tuesday were listed at Dh155.50 for 24K, Dh146.25 for 22K, Dh139.50 for 21K, and Dh119.50 for 18K.Why gold prices may go up:
2. Uncertainty related to US President Donald Trump's ability to carry out his election pledges may drive gold prices towards $1,300 (Dh4,784) per ounce level in 2017.
3. Bar and coin demand rose by 11 per cent year-on-year and India's demand for jewellery rose by 26 per cent.
4. Despite low inflation and a weak dollar, the resistance level of $1,300 is firm for now as an expected US Fed rate hike may keep gold from breaching the barrier.
5. Gold held in European-listed ETFs reached an all-time high at 978 tonnes.
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