UAE: Gold prices steady in early trade

UAE: Gold prices steady in early trade

Spot gold was up 0.21 per cent at $1,812.07 per ounce by 9.30am

Published: Mon 4 Jul 2022, 9:35 AM

Gold prices were steady on Monday morning, as weakness in Treasury yields kept prices above the $1,800-mark and marginally outweighed pressure stemming from elevated US dollar levels.

Spot gold was up 0.21 per cent at $1,812.07 per ounce by 9.30am UAE time.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh219.5 per gram, 22K at Dh206.25, 21K at Dh196.75 and 18K at Dh168.75.

Bullion prices hit a five-month low of $1,783.50 on Friday but recovered to end the session nearly steady.

“Once again, we saw buyers support gold with its break below $1,800 on Friday, and with US yields continuing to retrace, it allows the potential for gold to rise over the near term,” City Index senior market analyst Matt Simpson said.

"But the reality is that managed funds and large speculators are increasing their short bets against gold, and if we see a close below $1,800 then it could trigger another bout of selling," Simpson told Reuters.

Naeem Aslam, chief market analyst at Ava Trade, said the most important event of this week for traders and investors will be taking place towards the end