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UAE: Gold eases from $2,000 mark as firm dollar dulls appeal

The Dubai Gold and Jewellery Group data showed 24K opening at Dh241.25 per gram on Tuesday.

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Reuters
by

A Staff Reporter

Published: Tue 8 Mar 2022, 9:29 AM

Gold prices slid from the key $2,000-per-ounce mark on Tuesday morning, as the US dollar held firm near a multi-month peak after investors took a breather as Russia-Ukraine talks hardly advanced.

Spot gold was down 0.43 per cent at $1,989.99 per ounce, as of 9.25 am UAE time, after scaling a one-and-a-half-year-year peak of $2,002.40 on Monday.

In the UAE, the Dubai Gold and Jewellery Group data showed 24K opening at Dh241.25 per gram on Tuesday morning as compared to Monday’s close of Dh239.75. Among the other variants of the precious metal, 22K opened higher at Dh226.75 per gram, 21K at Dh216.25 and 18K at Dh185.25.

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Naeem Aslam, chief market analyst at AVA Trade, said due to the rise in stock market volatility and Russia-Ukraine conflict, gold prices have jumped because of its safe-haven appeal.

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“Moving forward, investors should expect gold prices to remain fluid due to developments related to the war in Ukraine and the tightening of monetary policies by central banks around the world,” added Aslam.

waheedabbas@khaleejtimes.com

A Staff Reporter

Published: Tue 8 Mar 2022, 9:29 AM

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