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%
business1 day ago
Gold prices fell on Thursday morning, as a firmer dollar and expectations of big interest rate hikes from the US Federal Reserve diminished the metal's appeal.
Spot gold fell 0.34 per cent to $1,691.84 per ounce as of 9.10 am UAE time.
The precious metal prices fell in the UAE in line with the global rate.
The Dubai Gold and Jewellery Group data showed 24K trading lower at Dh204.25 per gram on Thursday morning as compared to Dh206.5 per gram at the close of the markets on Wednesday
Among the other variants of the yellow metal, 22K opened at Dh192.0, 21K at Dh183.25 and 18K at Dh157.0 per gram on Thursday.
Expectations of a more hawkish Fed are pushing some investors to revise how much further bond yields can rise. Gold is highly sensitive to rising US interest rates and higher yields, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar.
International Monetary Fund chief Kristalina Georgieva said on Wednesday that central bankers must be persistent in fighting broad-based inflation.
Edward Moya, a senior market analyst at Oanda, said gold’s fate will be determined next week when policy makers decide if the Fed needs to be even more aggressive in fighting inflation.
“The base case should still be for a 75 basis-point rate hike, but if the Fed delivers a full-point rise, that will be lights out for gold and possibly trigger a collapse for the precious metal. Gold could be vulnerable to a tumble towards $1,650 and possibly much lower if the Fed signals more aggressive rate hikes remain on the table,” he said.
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