UAE: 22K gold prices lower by Dh6 per gram in one week

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.

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.

Investors also kept tabs on rising COVID-19 cases in parts of Europe which prompted restrictions.

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.

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.

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