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UAE: Gold prices flat ahead of Fed rate decision
The market's focus now shifts to Fed's rate hike decision, which is scheduled to be announced at 11pm UAE time
Photo: AP file
Gold prices were flat on Wednesday morning, with investors readying themselves for the US Federal Reserve's rate-hike decision later in the day.
Spot gold was little changed at $1,811 per ounce as of 10.33am UAE time.
In the UAE, 24K gold price was trading at Dh219.25 per gram at the opening of the markets on Wednesday, while 22K, 21K and 18K opened at Dh205.75, Dh196.5 and Dh168.25 per gram, respectively.
The precious metal prices hit a more than five-month high on Tuesday after a smaller-than-expected rise in US consumer prices buoyed bets for a slowdown in rate hikes from the Fed.
The market's focus now shifts to Fed's rate hike decision, which is scheduled to be announced at 11pm UAE time.
The US central bank is widely expected to increase rates by 50 basis points at its final meeting of the year.
Gold is traditionally known as a hedge against inflation but rising interest rates tend to dim the bullion's appeal as it increases the opportunity cost of holding the non-yielding asset.
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