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Dubai: Gold prices rise after Fed meeting

Web report/Dubai
Filed on April 29, 2021
AFP

Weaker dollar provides further support.


Gold prices rose on Thursday bolstered by the US Federal Reserve's pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support.

Spot gold was up 0.48 per cent at $1,784.62 per ounce by 9am UAE time, having dipped to $1,762 in the previous session, its lowest since April 16.

In Dubai, Dubai Gold and Jewellery Group data showed that 24K retail price rose to Dh216.0 per gram as compared to Dh214.5 on Wednesday morning. While, 22K, 21K and 18K prices stood at Dh203.0, Dh193.75 and Dh166.0 per gram, respectively.

The US Federal Chair Jerome Powell also said the coming price increases would almost surely be of a passing nature, and not present the sort of persistent problem that would force the central bank to begin raising interest rates sooner than expected.

US President Joe Biden plans to unveil a sweeping $1.8 trillion package for families and education in his first speech to Congress.

Gold tends to benefit from widespread stimulus measures from central banks because it is viewed as a hedge against inflation.

-waheedabbas@khaleejtimes.com





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