$ 60,981
$ 3,992.8
$ 192.99
okex ads

Dubai gold prices drop, Bitcoin in focus

Gold prices fell on Thursday morning in Dubai and worldwide.

Spot gold prices were trading at $1,741.36 an ounce in the global market, down by $3.58 an ounce or 0.22 per cent at 9.30am UAE time.

Dubai retail gold prices also fell in line with the global rates, as the 24K price fell Dh0.75 per gram from Dh211.25 on Wednesday to Dh210.50 on Thursday morning.

Dubai Gold and Jewellery Group priced 22K, 21K and 18K gold at Dh197.75, Dh188.5 and Dh161.75 per gram, respectively, on Thursday morning.

Investors were waiting for the US weekly jobless claims and March retail sales data for further clarity on the recovery in the world’s largest economy.

“A weaker dollar after the Fed speech and the central bank’s willingness to tolerate more inflation is keeping gold supported,” said Yingtao Jin, an analyst at StoneX Group.

Jin said investors are also shifting positions to digital currencies after bitcoin hit a record high on Wednesday. This is exerting downward pressure on the metal.

Although gold has lost much of its appeal for investors in 2021 compared to 2020 and the technical picture has deteriorated in favour of bears rather than gold bulls, deep corrections of prices are still viewed as buying opportunities,” said Avtar Sandu, senior commodities manager at Phillip Futures.

source: khaleejtimes

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Night Life Crypto Partners with Polygon and Launches it’s NFT Sale
October 22, 2021By
Sphynx Launches 8,888 new NFTs as Part of Its New NFT Collection
October 22, 2021By
KuCoin Is Meeting Crypto’s Social Demands with New App Features That Redefine Crypto Trading
October 22, 2021By


Video Posts

Impact Of Technology On 4.0
July 6, 20210
Importance Of Cryptography
July 3, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin60,981 0.07 % 3.02 % 6.14 %
Ethereum3,992.8 0.31 % 2.12 % 5.22 %
Binance Coin480.54 0.20 % 1.23 % 1.84 %
Tether1.000 0.33 % 0.48 % 0.29 %
Cardano2.160 0.09 % 0.26 % 0.56 %
Solana196.89 2.41 % 6.87 % 31.18 %
XRP1.100 0.23 % 0.19 % 3.28 %
Polkadot43.56 0.28 % 1.60 % 6.96 %
Dogecoin0.2484 2.64 % 1.67 % 6.61 %
USD Coin1.000 0.22 % 0.30 % 0.09 %

You have not selected any currencies to display