Dubai: Gold prices drop in early trade

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PHOTO BY ARCHIVE

Dubai: Gold prices drop in early trade

Gold prices fell early Wednesday, as signs of dropping US inflation boosted bets for lower rate hikes.

At 9:40 am UAE time, spot gold fell to $1,773.8 per ounce.

24K gold opened Wednesday at Dh214.75 per gram, down from Dh215.25 per gram last night.

Among the other precious metal variants, 22K opened at Dh201.75 per gram, 21K at Dh192.5, and 18K at Dh165.

Edward Moya, a senior market analyst at Oanda, said gold gained from mild inflation numbers, but it will be a while before that trend continues.

“Gold has major resistance at the $1,800 level, and that might prove to be difficult to reach unless we see a major move lower with the dollar,” he said. BKM/ Expat Media

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