Tuesday, July 16, 2024
Today’s News
Tuesday, July 16, 2024
Today’s News

Gold Prices in Dubai fall as Regional Tensions Lessen.

According to experts, the yellow metal is bolstered by a resurgence in demand from Chinese consumers and robust buying activity by central banks. Investors’ worries about the Middle East Dubai conflict subsided this week, and the yellow metal plummeted for two days. The war risk premium that has been there in the markets from the start of the conflict was partially reduced, according to Vijay Valecha, chief investment officer at Century Financial, by Iran’s choice not to react against Israel.

This reduced the desire for havens made of gold. He added that a wave of profit-booking was also sparked by it, given that gold has increased by around 16 percent since mid-February despite the strengthening of the US dollar and rising Treasury yields.When the UAE’s markets opened on Wednesday, the price of gold saw a minor decline.

This slightly decreased the demand for gold as a shelter. Because gold has increased by about 16 percent since mid-February despite a stronger dollar and rising Treasury yields, it also sparked a wave of profit-booking, he added.

Gold is often supported by central banks’ solid purchasing activity and a resurgence in demand from Chinese consumers. In addition to important economic measures like this week’s core PCE Price index, Valecha believes geopolitical developments may impact its near-term trajectory.

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Tuesday, July 16, 2024

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