Pharma major reports revenue of Dh1.616 billion in 2022, a 41.4% growth year on year
Gold prices inched higher on Thursday as investors weighed the chances of the US Federal Reserve slowing its pace of interest rate hikes, while a firmer dollar capped bullion's gains.
Spot gold was up 0.1 per cent at $1,906.01 per ounce.
In the UAE, the 24K was trading at Dh231.25 per gram, while 22K, 21K and 18K opened at Dh214.25, Dh207.25 and Dh177.75 per gram, respectively.
Few Fed officials signalled on Wednesday that they would push on with more interest rate hikes, while Philadelphia Fed President Patrick Harker and Dallas Fed President Lorie Logan said they supported a slower pace of tightening.
Markets still see a 25-bp hike in February and rate cuts from September, and gold is enjoying the perceived less-hawkish Fed, said Matt Simpson, a senior market analyst at City Index.
"If gold can hold above $1,895, then prices will hold within the $1,900–$1,920 range, whereas a break below $1,895 signals a retracement against its bullish trend, ahead of a break above $1,930," said Simpson.
Data on Wednesday showed US producer prices fell more than expected in December, offering more evidence that inflation was receding, while retail sales fell by the most in a year, putting consumer spending and the overall economy on a weaker growth path heading into 2023.
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