Vijay Valecha, Special to Khaleej Times August 29, 2021
Gold rallies will likely be capped as the US Federal Reserve chairman Jerome Powell signalled to taper this year and not next, say analysts.
The precious metal closed the week at $1,817.92 an ounce, up 1.35 per cent on Friday. In the UAE, 24K closed at Dh220.0 per gram. Among the other variants of the precious metal, 22K closed at Dh206.75, 21K at Dh197.25 and 18K at Dh169.0.
"Gold is making another attempt to overcome a three-month resistance. Let's see if gold will be able to legitimately break out and hold gains this time," said Rashad Hajiyev, founder of RM Capital Consulting.
He sees the gold price looking constructive and likely to reach $1,830-35 over the coming days.