Binghatti Skyrise part of group’s endevour to build Dh100 billion portfolio
business1 day ago
Gold prices opened higher by half a dirham per gram in the UAE on Tuesday morning in line with the global rates.
The Dubai Jewellery Group data showed 24K trading at Dh233.5 per gram on Tuesday as against last night at Dh233.0 per gram.
Meanwhile 22K, 21K and 18K opened at Dh216.25, Dh209.25 and Dh179.5 per gram, respectively.
Global spot gold rose 0.34 per cent to $1,929.04 per ounce by 9.25 am UAE time.
Investors were waiting for economic data from China, the US and the Federal Reserve Chairman Jerome Powell’s speech to know how interest rates would pan out.
Naeem Aslam, chief investment officer, Zaye Capital Markets, said the main focus for traders on gold prices is the US consumer confidence data and the Fed Chairman’s speech on Wednesday.
“It is pretty clear that the Fed Chairman is likely to send the market the very same signal that he has been sending, which is that there is more than one interest rate hike on the table for this year,” said Aslam.
In terms of price, he said, the most important level that everyone is looking at is $1,900. “The bulls are hoping that the price will continue to remain above this price point. If the price fails to reach this support level, then it is likely that we will see the price moving towards the $1,850 mark,” he said.
ALSO READ:
Binghatti Skyrise part of group’s endevour to build Dh100 billion portfolio
business1 day ago
Data protection and assessment must be done on a regular basis for high-risk activities, an industry executive said
business1 day ago
Adani launches new entity at Jebel Ali Free Zone
business1 day ago
The legislative amendments confirm that VAT refunds will be based on e-invoicing compliance requirements
business1 day ago
Expats are increasingly turning to international online gifting to celebrate and share meaningful moments
business1 day ago
Group revenue in Q3 2024 increased by 47% YoY to Dh518 million
business2 days ago
Enhancing Sharjah’s position as a leading destination for luxury eco-tourism, the resorts are set to officially open in Q4 2025
business2 days ago
Metropolitan Capital Real Estate expects Yas Island to account for 40% of all handovers
business2 days ago