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UAE: Gold prices drop for second day in a row
The yellow metal prices fell nearly two dirhams at the opening of the markets on Wednesday
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Gold prices fell on Wednesday as the US dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses.
Spot gold dipped 0.6 per cent to $1,897.13 per ounce, as of 9.40 am UAE time.
In the UAE, the yellow metal prices fell nearly two dirhams at the opening of the markets on Wednesday.
The Dubai Jewellery Group data showed 24K opening at Dh230.0 per gram, down from Dh231.75 per gram at the close of the markets on Tuesday. The other variants of the precious metal also opened lower. The 22K, 21K and 18K were trading at Dh213.0 per gram, Dh206.25 and Dh176.75 per gram, respectively.
Naeem Aslam, chief market analyst at Ava Trade, said gold prices continue to retrace from their recent highs and today is the second consecutive day of prices moving lower.
“The reason that we see prices are retracing from their eight-month high is mainly because of profit taking. It is pretty much established that the Fed in the US is likely to maintain its less hawkish monetary policy as inflation seems to be moving in the right direction, which is taking the pressure away,” he said.
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