Vijay Valecha, Special to Khaleej Times December 5, 2021
Gold rallies are likely to be capped going forward due to a shift in the US Federal Reserve stance towards bond-buying and inflation.
The precious metal failed to hold the highs last week despite the Omicron scare as markets seem to be veering around the view that the new variant is not severe as Delta, analysts said.
Gold posted a third successive weekly decline last week, closing at $1,783.44 an ounce. In the UAE, the Dubai Gold and Jewellery Group data showed 24K trading at Dh216.0 per gram on Sunday. Among the other variants of the yellow metal, 22K was trading at Dh203.0 per gram, 21K at Dh193.5 and 18K at Dh166.0.