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Thursday, May 18, 2023

Khaleej Times - 24K gold expected to trade between Dh213 and Dh218.5 per gram this week

تم إعداد هذا المنشور من قبل فيجاي فاليتشا

Khaleej Times - 24K gold expected to trade...
Vijay Valecha, Special to Khaleej Times May 22, 2023

Gold rallies are likely to be capped going forward due to a shift in the US Federal Reserve stance towards bond-buying and inflation. The precious metal failed to hold the highs last week despite the Omicron scare as markets seem to be veering around the view that the new variant is not severe as Delta, analysts said.

Gold posted a third successive weekly decline last week, closing at $1,783.44 an ounce. In the UAE, the Dubai Gold and Jewellery Group data showed 24K trading at Dh216.0 per gram on Sunday. Among the other variants of the yellow metal, 22K was trading at Dh203.0 per gram, 21K at Dh193.5 and 18K at Dh166.0.

“There is a lot of drama around as Federal Reserve chairman Jerome Powell indicated to lawmakers last week that they would consider speeding up the taper of bond buying at their forthcoming meeting. This means Powell has abandoned the inflation is transitory stance. In practical terms, it gives the Fed legroom to raise rates earlier if inflation stays near high levels,” said Vijay Valecha, chief investment officer at Century Financial.

Meanwhile, Loretta Mester, president, and CEO of the Federal Reserve Bank of Cleveland favours faster tapering, and markets are currently anticipating two rate hikes in 2022.

Valecha said the Fed can’t overlook the unemployment rate, which has fallen to a mere 4.2 per cent.

“The macro-environment for the yellow metal seems to be getting more challenging. For the week, UAE 24K gold has support at Dh213 per gram and resistance at Dh218.50. Gold rallies are likely to be capped going forward due to the shift in Fed’s stance,” he added.

Source:
Khaleej Times
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