iPhone | iPad
Android
Huawei
Where were the Federal Reserve Board supervisors in San Francisco and Washington as these large regional banks loaded up on risky and highly volatile tech, crypto, and other assets?
KT APPDOWNLOAD
UAE: Gold prices inch up in Dubai
Dollar's performance, inflation data, Fed's rate hike path, developments in China, geo-political tension will be major factors influencing prices in 2023
Photo: AP file
Gold prices inched up in the UAE on Wednesday, but yellow metal prices moved in a tight range globally in subdued trading due to the lack of any fresh triggers.
Spot gold was steady at $1,811.18 per ounce.
In the UAE, the 24K gold price opened at Dh219.25 per gram as compared to its last night’s close of Dh219.0 per gram. Among the other variants of the yellow metal, the 22K opened at Dh203.0 per gram, 21K at Dh196.75 and 18K at Dh168.5.
Gold is seeing limited price action as trading activity is light ahead of the New Year holiday and there is no major economic data scheduled this week, said Hareesh V., head of commodity research at Geojit Financial Services.
The precious metal has risen nearly $200 from a more-than-two-year low in late September as the dollar's appeal was dented by expectations that the US Federal Reserve would slow its pace of interest rate hikes.
The dollar's performance, inflation data, Fed's rate hike path, developments in China and geo-political tension will be major factors influencing gold prices in 2023, Hareesh said.
“Easing curbs in China would be positive for industrial metals on expectations of an increase in demand," he added.
ALSO READ:
More news from Business
Hedge funds managers and other large investors believe it is far too soon to call an all-clear
Surprise twist as Additional Tier 1 debt holders wiped out; approach roils wider bank bond and stock markets
At least two major banks in Europe are examining scenarios of contagion
Market expected to grow by 12.58% on annual basis to reach $116.8 billion in 2023.
Dubai’s Higher Committee for Future Technology Development and Digital Economy discusses accelerated implementation of strategic plans
Bank stocks worldwide have been badly hit in recent days
Group has asked vendors and suppliers to ‘suspend all activities’