Dubai: Gold prices open steady in early trade

Gold prices were steady in the UAE on Thursday morning.

According to Dubai Jewellery Group data, the precious metal prices were unchanged at the opening of the markets on Thursday.

As per data, 24K was trading at Dh227.5 per gram, 22K at Dh210.75, 21K at Dh204.0 and 18K at Dh174.75.

Globally, gold prices edged higher on Thursday, as the dollar steadied. Spot gold was up 0.22 per cent at $1,879.58 per ounce, as of 9.35 am UAE time.

The US Federal Reserve officials said on Wednesday more rate hikes are in the cards as the US central bank presses forward with its efforts to cool inflation, although none were ready to suggest that January's hot jobs report could push them back to a more aggressive monetary policy stance.

Edward Moya, a senior market analyst at Oanda, said some Fed officials are supporting the argument that the Fed has two more rate hikes in them and that rates may have to stay higher for some time.

“Some traders are betting that rates could be much higher than 50 bps in combined hikes. ​Gold looks like it will consolidate here until we get beyond the Valentine’s Day inflation report. Gold’s primary driver remains the next big move in yields, but it should start to become a safe haven again if the strong stock market start to the year ends up being a bear market rally,” he said.

waheedabbas@khaleejtimes.com

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