Dubai gold prices soften at the end of volatile week

Dubai: First the Federal Reserve's rate hike followed by cooling-off of oil prices, traders are using these cues to make lucrative bets at the end of a volatile week. And going by how gold has performed this year, it is likely to be a top choice for investors.

If you are looking to buy gold in Dubai this Friday, 24-karat gold is priced at Dh522.75 as compared to Dh526.25 yesterday. 22-karat gold is priced at Dh484.00,  which is Dh3 cheaper.

If you see internationally, bullion is trading at $4,365.2 a tad bit higher, but firmly above the $4350 levels, which was considered a crucial support level. Treasury yields fell across the board, reversing the spike that followed the Fed's unanimous quarter-point rate hike on Wednesday. That drop eased some of the strain on gold, which tends to lag when yields rise since it offers no interest income.

Oil declines for 3-days straight

Oil fell for a third straight day as Middle East supply disruptions appeared headed toward resolution, easing inflationary pressure from energy costs. Saudi Arabia has taken steps to bring a key pipeline back to roughly half capacity within days, and some tankers have kept moving through the contested Strait of Hormuz.

Gold's rebound on Thursday pushed it back above its 100-day moving average, a gauge of price momentum. Still, it remains nearly 20% below where it stood before the Iran war broke out in late February.