Dubai: 24K gold likely to trade between Dh221 and Dh230
Reuters
Gold unlikely to see significant downside this week, say commodity analysts
Gold prices are expected to trade in range-bound over the next two months hovering between $1,675 and $1,900 per ounce, according to commodity analysts.
Spot gold price last closed at $1,787.53 per ounce, up 0.66 per cent.
In the UAE, the Dubai Gold and Jewellery Group data showed 24K trading at Dh216.5 per gram, 22K at Dh203.25, 21K at Dh194.0 and 18K at Dh166.25 on Sunday morning,
The precious metal s prices have been looking towards the US Federal Reserve over the last few weeks concerning its monetary policy.
Gold Likely to Trade between $1,675 - $1,900 Per Ounce
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US dollar adds to pressure on gold, downturn possible
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6/30/2021 1:51:00 AM GMT | By Eren Sengezer
Gold broke below last week s horizontal range on Tuesday.
Broad-based USD strength makes it difficult for gold to stage a decisive rebound.
Update:
Gold (XAU/USD) is perking up as we move through the Asian session and mid-day markets in Sydney while the greenback wobbles to the lows of the day as measured by the DXY. DXY is currently testing the bull s commitments at the 92 level and has printed a fresh low at the time of writing at 92.015. XAU/USD is on the bid and has made a fresh high of the day at $1,763.98.
The Chinese data passed without making any shakes in the markets, Chinese PMIs beat estimates but are below priors, and the focus will now be on the US ADP Employment Change report ahead of this week s showdown in the Nonfarm Payrolls data.