One of the key hurdles lies in the economics of last-mile delivery
business3 days ago
Gold prices fell half a dirham per gram in the UAE on the first trading day of the week.
The Dubai Jewellery Group data showed 24K trading at Dh245.25 per gram on Monday as compared to last week’s closing of Dh245.75 per gram. While 22K, 21K and 18K also opened lower at Dh227.0, Dh219.75 and Dh188.5 per gram, respectively.
Spot gold edged 0.12 per cent lower at $2,025.18 per ounce at 9.12 am UAE time as traders braced for fresh data on US economic growth and the Federal Reserve's preferred inflation gauge due later this week.
Rania Gule, market analyst at XS.com, believes that the statements made by the Federal Reserve Governor last week, stating that there is "no reason to move quickly or cut interest rates quickly," indicated a more cautious approach by the Fed to monetary policy adjustments.
“Despite this caution, the Fed is ready to begin interest rate cuts if there is a clear and sustained decline in inflation rates,” said Gule.
Ole Hansen, head of commodities strategy, Saxo Bank, said gold and silver are stuck in ranges while speculation continues about the timing, pace and depth of future US and EU rate cuts.
“Until the first cut is delivered, the market may at times run ahead of itself, in the process building up rate cut expectations to levels that leave prices vulnerable to a correction, like to one we saw during the week when gold almost touched $2,000. With that in mind, the short-term direction of gold and silver will continue to be dictated by incoming economic data and their impact on the timing and pace of future rate cuts,” added Hansen.
ALSO READ:
One of the key hurdles lies in the economics of last-mile delivery
business3 days ago
Indian state's cabinet overruled advice that Adani deal was not good value
business3 days ago
Congo has filed complaints over use of conflict materials
business3 days ago
The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold
business3 days ago
Ohana Development and Jacob & Co. partner unveil Dh4.7 billion project
business3 days ago
In 2024, Dubai is expected to deliver nearly 100,000 new homes
business3 days ago
UNS Farms expands its edible flowers range
business3 days ago
Toymakers brace for (trade) war, redesigning products and scouring the world for new low-cost suppliers
business3 days ago