Gold prices are currently at a two-week low globally. In the UAE on Tuesday afternoon, 22K gold was priced at Dh204.75 per gram while 24K gold was priced at Dh218 per gram.
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The prices of the yellow metal dipped as the dollar jumped on bets for quicker interest rate increases after US President Joe Biden backed Federal Reserve Chair Jerome Powell for a second term.
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Investors also kept tabs on rising COVID-19 cases in parts of Europe which prompted restrictions.
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Experts opined to media that gold's fall was more of a 'knee-jerk' reaction to the dollar and that the outlook was still bullish.
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Technically for gold, "$1,780 on the downside should be well defended and on the upside we need to see a sustainable close above $1,830-1,850 for its bullish momentum to resume," Harshal Barot, a senior research consultant for South Asia at Metals Focus told Reuters.
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Gold prices (per gram) in the UAE as of Tuesday afternoon are - 18K: Dh167.50; 21K: Dh195.25; 22K: Dh204.75 and 24K: Dh218.00
Image Credit: Antonin Kelian Kallouche/Gulf News
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