On Thursday, other kinds of the yellow metal also decreased.
After the head of the US Federal Reserve reiterated the importance of the central bank’s fight against inflation, gold prices declined somewhat on Thursday morning. This decline was spurred by predictions of swift interest rate increases.
By 9.10 AM UAE time, spot gold was down 0.3% at $1,832.13 per ounce.
When the market opened on Thursday, precious metal prices in the UAE decreased in accordance with the decline in global rates. The 24K price per gram dropped 1.5 dirhams to Dh222.0 on Thursday morning from Dh223.5 at the end of trading on Wednesday.
Similar to how 22K opened at Dh208.5, 21K at Dh199.0, and 18K at Dh170.5, other variations of the yellow metal also dropped on Thursday.
Gold is directionless, according to Jeffrey Halley, a senior market analyst at Oanda. As per him “It appears unlikely that gold will sail out of the equatorial doldrums unless we get a substantial directional shift by the US dollar. Resistance for gold is found at $1,860 and $1,880, with $1,880 currently proving to be an impassable barrier.