Picture for illustrative purposes only. ARCHIVE

Gold prices remained at a three-week low on Thursday, pressured by rising US dollar and Treasury yields amid concerns that the Federal Reserve will continue to raise interest rates aggressively. On Thursday morning, spot gold fell 0.1% to $1,627.04 per ounce. In the UAE, 24K gold prices fell to Dh197.75 per gram at the start of trading on Thursday, down by Dh0.25 from the previous night's close. The opening prices for 22K, 21K, and 18K were Dh185.75, Dh177.25, and Dh152.0 per gram, respectively. According to Edward Moya, senior market analyst at Oanda, "Gold ETF purchases are not gaining traction, and weakening outlooks in China and India will make now a less appealing time to buy gold." The bond market continues to tell gold where it is going, and with Treasury yields rising sharply, non-interest bearing gold is in trouble." Moya warned that if gold falls below $1,620, gold could get even worse. BKM/ Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page