Dubai: Gold prices open higher; focus on Fed meeting

They had shot up to their highest level since March 2022, at $2,009.59 in volatile trading on Monday, before retreating


A Staff Reporter

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Published: Tue 21 Mar 2023, 9:37 AM

Gold prices opened higher in Dubai on Tuesday morning as compared to last night’s close, with investors looking forward to the Federal Reserve policy meeting as expectations grew that the US central bank could pause raising its interest rates given the upheaval among banks.

In the UAE, the 24K gold was trading at Dh240.0 per gram at the opening of the markets on Tuesday, up Dh0.5 from its previous close. Similarly, 22K, 21K and 18K also opened higher at Dh222.25, Dh215.25 and Dh184.5 per gram, respectively.

Spot gold was up 0.29 per cent at $1,982.37 per ounce at 9.15 am UAE time.

Gold prices had shot up to their highest level since March 2022 at $2,009.59 in volatile trading on Monday before retreating, as investors digested the impact of measures taken by several central banks to contain a banking crisis and stabilise global financial markets.

Markets are pricing in a 53 per cent chance that the US policymakers will hold their benchmark lending rate in the current 4.50-4.75 per cent range at the end of their closely-watched March 21-22 policy meeting.


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