24K gold was trading at Dh566.25 per gram on Wednesday morning, down from 567.25 at the close of markets on Tuesday. The other variations 22K, 21K, 18K and 14K traded at Dh524.25, Dh502.75, Dh430.75 and Dh336.00 correspondingly.
Gold was selling at roughly Dh90 at Dh17,280.33 ($4,673.06) per ounce as of 9:15 AM UAE time. Silver rose 2.03 per cent to Dh318.23 ($86.69) per ounce. Silver has rallied 15 per cent over the past week and has lifted year to date gains to around 20 per cent,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank.
There was fresh buying from hedge funds and momentum traders on trades above $82-$83, and silver continued to outperform gold because of its dual appeal as a precious and industrial metal,” he said. Others argue the retreat lays the way for a tentative bearish path for gold from an intraday standpoint.
US inflation rates shot up to 3.8 per cent in April on the back of increased fuel prices, the US Bureau of Labor Statistics said Tuesday. The metal is under pressure from a firmer US currency and rising oil prices as expectations for a US-Iran peace deal dwindle
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