Self-reliant India Mission showing striking results in the defence sector
business2 days ago
Gold prices in the UAE dropped further on Friday, falling Dh2 per gram since Thursday morning.
The 24K variant of the yellow metal dropped to Dh329.25 per gram on Friday evening, down from Dh331.25 per gram at the opening of the markets on Thursday. Similarly, 22K, 21K, and 18K fell to Dh 304.75, Dh295.0, and Dh253.0 per gram, respectively.
Spot gold was trading at $2,729.68 per ounce, down by 0.17 per cent on Friday evening.
Bas Kooijman, CEO and asset manager of DHF Capital, said gold prices continued to decline on Friday due to profit-taking. “The dollar stabilised, and the 10-year Note yield hovered around 4.2 per cent, drawing investors away from gold to a certain extent. Gold could remain exposed to US economic data after expectations moved toward a less aggressive Federal Reserve rate-cutting cycle than anticipated."
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Kooijman added, "A slower pace of rate cuts could be detrimental to gold. We see solid support for gold around the $2,714 level and anticipate that it will maintain its upward momentum, provided this price level holds steady."
Next week, the market will be attentive to key US economic data that could impact sentiment and expectations for the Fed’s rate-cutting path, which may introduce some volatility to the gold market.
Despite these short-term fluctuations, he said gold’s upward momentum remains strong, supported by geopolitical tensions in the Middle East and concerns about a broader conflict.
“These factors continue to support gold’s appeal as a safe haven, along with uncertainties surrounding the upcoming US election, particularly regarding a potential Trump victory,” he said, adding that anticipated easing by major central banks is also contributing to the demand for the precious metal.
ALSO READ:
Self-reliant India Mission showing striking results in the defence sector
business2 days ago
Parte Gulfeh is dedicated to upholding historic Chivalric traditions
business2 days ago
Revenues in Q3 2024 reached $1.86 billion, up 6.1% year on year
business2 days ago
Roundtable provides gateway to bilateral investment in green-tech and creative industries
business2 days ago
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business3 days ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business3 days ago
Company strengthening regional presence and service offering
business3 days ago
Sinochem may keep three refineries in China's Shandong province
business4 days ago