Dubai: Gold prices steady, set for worst monthly loss in nearly 2 years

Impending interest rate hikes by the US Federal Reserve sap the non-yielding asset's appeal

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Published: Tue 28 Feb 2023, 9:45 AM

Last updated: Mon 5 Jun 2023, 2:25 PM

Gold prices in Dubai were steady in early trade on Tuesday but were headed for the biggest monthly loss in nearly two years.

According to Dubai Jewellery Group, the precious metal prices were unchanged at the opening of the markets. The 24K opened at Dh219.75 per gram, 22K at Dh203.5, 21K at Dh197.0 and 18K at Dh169.0.

Globally, gold prices eased on Tuesday and were headed for their biggest monthly loss since June 2021 as impending interest rate hikes by the US Federal Reserve sapped the non-yielding asset's appeal.

Spot gold was down 0.19 per cent at $1,813.77 at 9.30 am UAE time.

Edward Moya, a senior market analyst, Oanda, said if the US economy shows further signs of strength later this week, gold could be in trouble. “This round of PMI data could tilt the scales on how much more central banks may need to tighten. Gold has major support at the $1,800 level, but if that doesn't hold bearish momentum could target the $1,765 region,” he said.

-waheedabbas@khaleejtimes.com

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