UAE: Gold prices inch up in Dubai

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.

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