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Gold prices in Dubai jumped two dirhams per gram at the opening of the markets on Wednesday.
According to Dubai Jewellery Group data, the 24K variant of the precious metal was trading at Dh221.75 per gram on Wednesday as compared to last night’s close of Dh219.50 per gram. Similarly, the other variants also opened sharply higher in early trade. The 22K and 21K rose Dh2 per gram to Dh205.25 and Dh198.75 per gram, respectively. While 18K opened at Dh170.25 per gram, up by Dh1.5 per gram.
Globally, spot gold was trading at $1,831.46 per ounce, up by 0.32 per cent, at 9.20 am UAE time.
On Wednesday, investors were expecting more US interest rate hikes amid stubbornly high inflation.
Money markets expect the US Federal Reserve's target rate to peak at 5.425 per cent in September, following a string of strong economic data.
Diego Colman, a contributing strategist at dailyFX, said gold prices extended their recovery, but buying interest wasn’t particularly powerful as traders remained reluctant to increase their exposure to rate-sensitive assets amid growing monetary policy headwinds.
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