Gold prices were nearly flat on Tuesday morning, as recent gains in Treasury yields prevented any significant interest in bullion.
Spot gold was up 0.11 per cent at $1,825.56 per ounce by 9.10 am UAE time.
Prices of the yellow metal dropped slightly in the UAE in early trade on Tuesday. The Dubai Gold and Jewellery Group data showed 24K trading at Dh221.25 per gram, down Dh0.25 from Monday’s close. While 22K, 21K and 18K opened at Dh207.75, Dh198.25 and Dh170.0 per gram, respectively.
A move by Britain, the United States, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global bullion market, as Russian exports to the West have already dried up.
Jeffrey Halley, a senior market analyst at Oanda, said gold attempted to rally overnight as the G-7 announced a ban on Russian gold imports.
“That was a rubber stamp exercise, though, and although gold climbed intraday, it faded ahead of $1,840 an ounce. It then proceeded to give back all those gains, finishing 0.25 per cent lower at $1,823 an ounce. Although US yields rose slightly, the US dollar was generally slightly weaker overnight, making the price action of gold even more disappointing. It appears that the downside is increasingly gold’s path of least resistance,” said Halley.
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