UAE: Gold prices flat on first trading day of the year

Gold prices opened flat in the UAE on the first trading day of the year but were slightly higher in Asian markets as markets were looking for direction.

Spot gold was up 0.19 per cent to $1,827.41 per ounce as of 10.15am UAE time.

In the UAE, the Dubai Gold and Jewellery Group data showed precious metal prices opening unchanged from their previous close. The 24K gold opened at Dh221.0 per gram on Monday while 22K, 21K and 18K were trading at Dh204.75, Dh198.25 and Dh169.75 per gram, respectively.

Emirates NBD Research said gold prices closed 2022 positively as it looks as though the US Federal Reserve and markets are aligning on an eventual peak in rates.

“But the gains in the final weeks of 2022 only managed to offset heavy selling earlier in the year with gold prices of $1,824 an ounce representing a flat close year,” it said.

Ilya Spivak, head of global macro at Tastytlive, said for most of the year, gold was under pressure from a hawkish Fed. But by the end of the year, it saw some recovery and got a lifeline on expectations that the Fed might slow down.

"In 2023, gold prices will see a lot of volatility but won't move much farther as they will be stuck between a stronger dollar and lowering Treasury yields," Spivak added.

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