Loading ...
Monday, August 15, 2022
Khaleej Times - UAE: Gold prices drop, further Fed rate hike expectations weigh on yellow metal
By Vijay Valecha in 'Century in News'
Gold prices slipped on Monday, weighed down by a rebound in the US dollar and expectations of further interest rate hikes from the Federal Reserve to tame high inflation.
Spot gold was down 0.3 per cent at $1,793.84 per ounce at 9.15am UAE time.
In the UAE, the precious metal prices fell one dirham per gram at the opening of the markets on the first trading day of the week.
The Dubai Gold and Jewellery Group data showed 24K trading at Dh217.5 per gram, down by one dirham as compared to its previous close. While 22K, 21K and 18K also opened lower at Dh204.25 per gram, Dh195.0 and Dh167.0, respectively.
Gold ended last week above the $1,800 mark, capping a fourth weekly gain, the longest winning streak in almost a year, as cooling inflation in the US suggested rate hikes might not be as aggressive as anticipated.
"Gold looks like in some consolidation here for a week or two before resuming the upward march towards $2,000 yet again. There may be even some who will feel the need to take profits to offset property portfolio weakness," said Clifford Bennett, chief economist at ACY Securities.
"Gold is likely to be supported around $1,785. A slip to $1,760 cannot be ruled out, but this would represent a fantastic long-term buying opportunity," said Bennett.
Source:Khaleej Times
Zawya
__1462972547.jpg)
__1330386539.jpg)
__1125086499.jpeg)
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Building 4, Emaar Square,
Downtown Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
Office 3014, 30th Floor
Tamouh Tower, Building 12, Marina Square,
Al Reem Island, Abu Dhabi - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in leveraged Over-The-Counter (OTC) Derivative products including Contracts for Difference (CFDs) and spot foreign exchange contracts involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance, and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028, 20200000081 and 301044 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
