The winning accountant will claim the Dh1 million-prize entirely for himself
uae3 hours ago
Gold prices notched a four-week high on Tuesday morning and extended their winning streak to a fifth session, as a dip in the US dollar and Treasury yields boosted demand for the safe-haven metal amid heightened worries over a global economic slowdown.
Spot gold was up 0.3 per cent at $1,777.20 per ounce.
In the UAE, the 24K opened at Dh214.75 per gram on Tuesday morning while 22K, 21K and 18K were trading at Dh201.75, Dh192.5 and Dh165.0 per gram, respectively.
Edward Moya, senior market analyst, Oanda, said gold can’t stop climbing higher now that a peak in Treasury yields has been made.
“King dollar lost its mojo and that has been great news for the yellow metal. Deteriorating economic data along with a weaker dollar is great news for bullion. Technical levels matter here and gold will need a fresh catalyst to break the $1,800 level. If the dollar pullback continues, that might be enough for gold’s rally to extend,” he said.
Moya added that the dollar days are not numbered, as the interest rate differential will widely remain in the greenback’s favour, as will US growth prospects, and safe-haven flows as Europe rushes towards a recession.
waheedabbas@khaleejtimes.com
ALSO READ:
The winning accountant will claim the Dh1 million-prize entirely for himself
uae3 hours ago
Markets are carefully analysing the potential economic and inflationary impacts of the US President-elect Donald Trump's proposed policies as he prepares to take office on January 20
markets4 hours ago
The blaze killed 10 people and devoured thousands of homes so far
uae4 hours ago
Next generation of GeForce RTX GPUs deliver stunning visual realism and 2x performance increase, made possible by AI, Neural Shaders and DLSS 4
kt network5 hours ago
As one of the most iconic jewellery destinations in the UAE, Kanz Jewels continues to be a favoured choice among celebrities and jewellery enthusiasts alike
kt network5 hours ago
Rublev, the 2022 champion, meanwhile is currently ranked World No9 after claiming two ATP titles in 2024
tennis5 hours ago
The national carrier's operations in the EU were suspended in June 2020 over concerns about the ability of Pakistani authorities to ensure compliance with international aviation standards
aviation6 hours ago