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Dubai: Gold prices inch up, 24K trade at Dh219.5 per gram
KT file photo by Shihab
Dubai - In Dubai, 22K was trading at Dh206.25, 21K at Dh196.75 and 18K at Dh168.75 per gram.
Gold prices inched up on Wednesday morning as investor focus shifted from US consumer prices to US Federal Reserve chairman Jerome Powell's testimony before Congress.
Spot gold was trading at $1,812.83 per ounce, up by 0.38 per cent at 10am UAE time.
In Dubai, 24K gold price inched up to Dh219.5 at the opening of the market on Wednesday as compared to Dh219.25 on Tuesday morning. Among the other variants, 22K was trading at Dh206.25, 21K at Dh196.75 and 18K at Dh168.75 per gram.
Powell is set to speak before Congress later in the day for any cues on rising price pressures and monetary support.
Ipek Ozkardeskaya, senior analyst at Swissquote, said gold will likely remain offered near and above the $1,800 per ounce, given that risky trades remain too appetising for investors to sit on non-interest-bearing gold.
-waheedabbas@khaleejtimes.com
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