Vijay Valecha, Special to Khaleej Times May 23, 2021
The rally in gold prices is expected to continue this week and the precious metal could hit $1,930 an ounce as inflows into gold exchange-traded funds (ETFs) is likely to continue.
Spot gold price last closed at $1,881.96 an ounce, up 0.42 per cent or $7.86 an ounce. The precious metal has gained five per cent, or $90 an ounce in the past 30 days.
Dubai Gold and Jewellery Group data showed 24K retail price last closed at Dh227.25 per gram.
Banking giant HSBC said gold may trudge higher, as the negative impact of the US Federal Reserve minutes wears off. “That said, gold faces quite stiff resistance at $1,900 an ounce,” it said.