Time to buy? Dubai gold prices drop
Photo: ANI
Globally, spot gold was down 0.23 per cent to $1,880.15 an ounce by 8.15am UAE time.
Gold prices fell in Dubai and worldwide on Tuesday morning as investors digested comments by US Federal Reserve officials that sought to assuage inflation concerns.
In the UAE, 24K gold prices fell from Dh228.25 per gram on Monday morning to Dh227.50 at the opening of the trade on Tuesday. Meanwhile, 22K fell from Dh214.25 to Dh213.75; 21K from Dh204.5 to Dh204.0; and 18K from Dh175.25 to Dh174.75.
Globally, spot gold was down 0.23 per cent to $1,880.15 an ounce by 8.15am UAE time.
Dollar slides to 4-1/2 month low Palladium climbs nearly 1%
May 25 (Reuters) - Gold steadied near its highest in more than four months on Tuesday, buoyed by a weaker dollar but with gains capped after U.S. Federal Reserve officials soothed fears about inflation.
Spot gold had risen 0.12% to $1,883.36 per ounce by 0930 GMT, not far from its highest in 4-1/2 months hit on Wednesday.
U.S. gold futures were little changed at $1,884.30.
While the macroeconomic background and the weaker dollar is still supportive for bullion, “gold is increasingly starting to show signs that it needs to just consolidate” following a strong rally since April, said Saxo Bank analyst Ole Hansen.
U.S. Treasury yields slip to two-week low Uptrend intact if gold holds above $1,845/oz support - analyst Asia shares track Wall Street gains (Recasts, adds comment, updates prices)
May 25 (Reuters) - Gold reversed course on Tuesday, climbing towards last week’s 4-1/2-month peak, supported by a weaker dollar and bond yields after Federal Reserve officials affirmed their support to keep monetary policy accommodative for some time.
Spot gold was up 0.2% to $1,885.47 per ounce by 0724 GMT, after falling as much as 0.5% earlier in the session.
U.S. gold futures edged 0.1% higher to $1,886.50.
“Weak dollar, rebound in investment demand and no major threat of tapering in near term from the U.S. Federal Reserve are major reasons for gold achieving $1,885 recently,” said Jigar Trivedi, commodities analyst at Mumbai-based broker Anand Rathi Shares.
Wall Street climbs on tech gains as U.S. Treasury yields dip
FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo
May 24, 2021
By Chuck Mikolajczak
NEW YORK (Reuters) – U.S. stocks climbed on Monday, with the Nasdaq jumping more than 1% as a retreat in U.S. Treasury yields helped lift expensive stocks in sectors such as technology as investors attempt to gauge the trajectory of inflation.
Among the 11 major S&P sectors, technology advanced 1.76% and communication services rose 1.84% as the top performing on the session, as yields on the benchmark 10-year Treasury bond hit a two-week low, which also buoyed other richly-valued growth stocks.
5/25/2021 3:58:58 AM GMT | By Anil Panchal
GBP/USD extends Monday’s recovery, on the bids near intraday high.
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US dollar follows Treasury yields to south amid mixed chatters on inflation, tapering.
US data, Brexit headlines and unlock news can entertain traders, bond moves are the key.
GBP/USD cheers US dollar weakness heading into Tuesday’s London open, up 0.18% intraday around 1.4180 by the press time. Alike all other major currency pairs, the cable also benefited from the downbeat US Treasury yields the previous day while also taking advantage of BOE policymakers’ optimism. In doing so, the currency pair ignores recent Brexit-negative headlines as the greenback remains pressured.