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Gold was little changed on Wednesday morning as it failed to make the most of a pullback in the dollar, with demand for bullion being restrained amid prospects of aggressive monetary policies and rising US bond yields.
Spot gold was flat at $1,711.89 per ounce at 9.10 am UAE time.
In the UAE, the 24K gold price inched up Dh0.25 per gram to Dh207.5 on Wednesday morning. While 22K, 21K and 18K opened at Dh194.75, Dh186.0 and Dh159.25 per gram, respectively.
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The dollar eased for a fourth straight session, though it stayed at elevated levels, making greenback-priced bullion less expensive for buyers holding other currencies.
Gold seems to be the odd person out, not participating in any broader relief rally on a lower dollar, said Stephen Innes, managing partner at SPI Asset Management, adding that central banks' front-loaded rate hikes are clearly tarnishing bullion's appeal.
- waheedabbas@khaleejtimes.com
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