Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
Gold prices in the UAE were steady at the opening of the markets on Thursday.
According to the Dubai Jewellery Group data, the 24K was trading at Dh240.50 per gram at 9am, UAE time, on Thursday morning, remaining unchanged from last night’s close.
However, prices are up by Dh1 per gram when compared to Wednesday’s opening market rates.
Variants 22K, 21K and 18K opened at Dh222.75, Dh215.5 and Dh184.75 per gram, respectively, on Thursday morning.
Spot gold was stable at $1,985.95 per ounce by 9.25am, UAE time.
[Editor's Note: For real-time gold prices, click the widget below or visit Khaleej Times' dedicated Trading News page here.]
The precious metal was buoyed by a weaker US dollar and Treasury yields after the Federal Reserve held interest rates steady and as investors stepped up bets that the central bank may be done with rate hikes.
The US Central Bank on Wednesday left interest rates unchanged as policymakers struggled to determine whether financial conditions may be sufficiently tight to control inflation.
Vijay Valecha, chief investment officer of Century Financial, said from a technical perspective, gold confirmed breaking the bullish channel's support line to begin a bearish correction for the rise that began from $1810.58, on its way to test $1,960 as the first negative station; a break at this level will push the price to achieve additional bearish correction, with the next target reaching $1,930.
ALSO READ:
Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
Global philanthropists call for stronger networks, governance, and data-driven impact measurement
business3 days ago
Nasdaq-listed MakeMyTrip emerges as the market leader in UAE’s OTA air landscape
business3 days ago
Self-reliant India Mission showing striking results in the defence sector
business3 days ago
Parte Gulfeh is dedicated to upholding historic Chivalric traditions
business3 days ago
Revenues in Q3 2024 reached $1.86 billion, up 6.1% year on year
business3 days ago
Roundtable provides gateway to bilateral investment in green-tech and creative industries
business3 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%
business4 days ago