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Gold could hit $1,875, if it crosses $1,800 barrier

Gold Projected to Soar to $1,875 If It Crosses $1,800 Barrier

Gold Projected to Soar to $1,875 If It Crosses $1,800 Barrier Published May 4th, 2021 - 01:00 GMT Spot gold was up 1.0 per cent or $17.70 an ounce to $1,786.71 per ounce by 9.15am UAE time. (Shutterstock) Gold prices were trading higher on Tuesday morning, hitting more than a two-month high with analysts seeing precious metal touching $1,875 an ounce if it manages to break the $1,800 barrier. Also Read Spot gold was up 1.0 per cent or $17.70 an ounce to $1,786.71 per ounce by 9.15am UAE time. It had hit a high of $1,797.75 an ounce on Monday evening.  In Dubai, 24K retail price stood at Dh216.5 per gram on Tuesday morning, as compared to Dh215 on Monday morning. Dubai Gold and Jewellery Group data showed that the 24K price closed at Dh217 per gram on Monday.

UAE: Analysts bullish on gold, seeing touching $1,800 this week

UAE: Analysts bullish on gold, seeing touching $1,800 this week © Provided by Khaleej Times UAE: Analysts bullish on gold, seeing touching $1,800 this week Analysts are bullish about the gold prices this week due to China s buying prowess and reduced upward pressure on US Treasury yields. Vijay Valecha, chief investment officer, Century Financial, said the rise in US Treasury yields is unlikely to be sustained as Jerome Powell, the chairperson of the US Federal Reserve, is not even discussing the tapering of bond purchases. On the US stimulus front, the proposed infrastructure spending package faces opposition as Senator Joe Manchin, a key Democrat, only supports passing a bill with Republican support. This political gridlock should reduce the fiscal stimulus size and reduce the upward pressure on yields and thus bullish for gold, said Valecha.

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