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UAE: Gold prices inch lower in Dubai

According to industry analysts, gold prices are expected to hit record highs above $2,000 an ounce this year, albeit with a little turbulence

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by

A Staff Reporter

Published: Tue 17 Jan 2023, 9:52 AM

Gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses.

Spot gold was down 0.44 per cent at $1,909.64 per ounce at 9.40 am UAE time.

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In the UAE, gold prices opened lower in line with global market trends.

The 24K gold was trading at Dh231.5 per gram at the opening of the markets on Tuesday. While 22K, 21K and 18K also opened lower at Dh214.25, Dh207.5 and Dh177.75 per gram, respectively.

"Expectations of the Fed slowing pace of rate hikes has been supporting gold. Currently, we are seeing a technical pullback as prices entered the overbought territory. Also, the dollar is firming slightly," said Ajay Kedia, director at Kedia Commodities, Mumbai.

According to industry analysts, gold prices are expected to hit record highs above $2,000 an ounce this year, albeit with a little turbulence, as the Fed slows the pace of hikes and eventually stops increasing them.

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A Staff Reporter

Published: Tue 17 Jan 2023, 9:52 AM

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