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UAE: Gold prices drop in Dubai in early trade
The yellow metal has been trading in a relatively narrow range as investors look to gauge the pace of rate hikes by the US Federal Reserve
Gold prices fell in the UAE at the opening of the markets on Wednesday morning.
In the UAE, the 24K gold price opened at Dh214.5 per gram on Wednesday as against Dh215.25 at the close of the markets on Tuesday.
Among the other variants of the yellow, 22K opened at Dh201.5 per gram, 21K at Dh192.25 and 18K at Dh164.75.
Globally, the yellow metal prices were slightly up on Wednesday morning.
Spot gold was up 0.1 per cent at $1,773 per ounce at 9.30 am UAE time as the dollar weakened slightly.
The gold has been trading in a relatively narrow range as investors look to gauge the pace of rate hikes by the US Federal Reserve.
Edward Moya, senior market analyst at Oanda, said the risk of more Fed tightening due to strong wage pressures is clearly not going away.
“Gold has a nice run and investors will be quick to lock in profits if the bond market selloff accelerates... Gold looks like it will consolidate below the $1,800 level but a sustained move lower could require a fresh inflationary catalyst,” he said.
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