ALBAWABA — Gold prices edged up on Friday led by weakness in the greenback, lower bond yields, and the banking crisis as investors focus on March inflation numbers in the United States.
"There is speculation that the banking crisis is probably not over, but the issues are not immediately visible or impacting markets right now... so gold has been consolidating between $1,930-$2,000," Ilya Spivak, head of global macro at Tastylive, told Reuters.
On the international market, spot gold was up 0.12 percent at $1,982.60 a troy ounce, at 10:25 a.m. United Arab Emirates time.
The precious metal’s prices went up in the U.A.E. in line with global rates on Friday.
The Dubai Jewelry Group data showed 24K gold price opening higher at 240 dirhams per gram as compared to yesterday’s closing at Dh238.50 per gram.
Similarly, 22K, 21K and 18K also opened higher at Dh222.25, Dh215 and Dh184.25 per gram, respectively, closing the day before at Dh220.75, Dh213.75 and Dh183.25 respectively.
"Much of this rally continues to be a short covering rally," Bart Melek, head of commodity strategies at TD Securities, told Reuters. "The catalyst here is the continued expectations that rates in the U.S. will top out."