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Dubai: Gold prices rise; 24K trades at Dh215 per gram
Reuters
Dubai - Weaker dollar helps offset surging US bond yields
Gold prices rose on Wednesday morning, helped by a weaker dollar which offset surging US bond yields and lingering fears over sooner-than-expected interest rates hikes.
Spot gold rose 0.33 per cent to $1,774.85 per ounce by 9.15 am UAE time. The metal rose as much as 1.2 per cent on Tuesday before giving up most of those gains as Treasury yields rallied.
In the UAE, 24K was trading at Dh215.0 per gram at the opening of the market on Wednesday. While 22K, 21K and 18K were trading at Dh201.75, Dh192.5 and Dh165.0 per gram, respectively.
"Gold continues to hang in there, but I think the writing is on the wall and as soon as the Fed makes a more hawkish pivot, gold could ignore higher inflation and trend lower," Stephen Innes, managing partner at SPI Asset Management, told Reuters.
If inflation keeps rising at its current pace in the next few months rather than subsiding as expected, Fed policymakers may need to adopt "a more aggressive policy response" next year, Fed governor Christopher Waller said.
Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up.
-waheedabbas@khaleejtimes.com
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