Gold prices drop further in Dubai, worldwide; 24K price at Dh210 – News | Khaleej Times

Gold prices continued to fall on Tuesday, dragged down by gains in equity markets and the US dollar.

ALSO READ:

Spot gold prices fell 0.3 per cent to $1,733.69 per ounce by 0119 GMT (5.19am UAE time). Meanwhile, US gold futures were down 0.1 per cent to $1,736.20 per ounce.

In the UAE, 24K gold was priced at Dh210 on Tuesday morning (versus Dh211.50 on Monday morning); Dh22K at Dh197.25 (versus Dh198.5); Dh21K at Dh188.25 (versus Dh189.25) and 18K at Dh161.25 (versus Dh162.5).

The Swiss bank Credit Suisse said the yellow remains vulnerable to a rise in the US Treasuries yields and gains in the US dollar.

“Gold has been losing momentum as economic growth optimism is growing. In recent weeks, the spike in the US Treasury yields, as well as a rebound in the US dollar, also weighed on gold prices. Moreover, a rapid progress with vaccinations and substantial additional fiscal stimulus have boosted risk appetite. Given this backdrop, gold investors are taking a cautious stance, resulting in sharper exchange-traded fund outflows,” it said.

The Swiss bank noted that gold’s prospects have deteriorated because the greenback is no longer expected to weaken in the near future and US Treasury yields are also expected to continue to rise.

“As a result, our commodity team has lowered gold three-month and 12 months forecasts to $1,750 and $1,700 an ounce, respectively,” it added.

waheedabbas@khaleejtimes.com

This content was originally published here.

Rate:

0 out of 5 stars(0 ratings)

Subscribe to Our Newsletter

money for gold logo

Learn About Buying and Selling Gold for the Best Prices

Get the latest news and expert advice on Gold!

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Share Great Content for Our Resource Section

About

MoneyForGold.com is a resource site created for those looking to sell their personal collection of gold - whether it’s jewelry, coins, bars, antiques, etc., anything made from gold can be sold for quick cash. We encourage visitors to signup and share quality “Money For Gold” resources.

Have a question or comment? Email us at: contact@moneyforgold.com

Navigation
MoneyForGold.com
50% Complete

Learn Where to Sell Your Gold for the Best Prices

Free 3-Minute, Practical Stories Delivered to You Everyday!
Buy, Sell, Invest in Gold Today!