Vijay Valecha, Special to Gulf NewsNovember 22, 2021
The new variant of coronavirus Omicron has rattled the markets, but it's likely to be positive for the gold price, say analysts.
The precious metal closed the week at $1,792.6 per ounce, up 0.03 per cent on Friday. In the UAE, 24K was trading at Dh217.0 per gram, 22K at Dh204.0, 21K at Dh194.5 and 18K at Dh166.75 on Sunday morning.
In the UAE, 24K is likely to move in the range of Dh212.50 and Dh223 per gram in the near term.
Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, expects yellow metal maintaining its range between $1,780 and $1,810 with a bias to the upside.