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UAE: Gold prices jump Dh3 per gram in early trade, hit 9-month peak
Prices in the Emirates jumped to adjust in line with the global rates of the yellow metal
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Gold prices hit a nine-month high on Thursday, as investors eye US economic data that could influence the Federal Reserve's policy tightening path.
Spot gold was trading at $1,945.8 per ounce as of 9.30am UAE time.
Prices in the UAE jumped to adjust in line with the global rates of the yellow metal.
The Dubai Jewellery Group data showed 24K opening three dirhams per gram higher at Dh235.75 per gram on Thursday morning as compared to last night’s close of Dh232.75 per gram. While 22K, 21K and 18K also opened higher at Dh218.25, Dh211.5 and Dh181.25 per gram, respectively.
Edward Moya, senior market analyst at Oanda, said gold prices are locked into consolidation mode as traders await to see how the Fed reacts to growing fears of a macro slowdown.
“Risk aversion is running wild but gold is not breaking because a slowdown will confirm disinflation trends will remain and recession certainty could lead to rate cuts at the end of the year. Gold might trade between the $1,935 and $1,960 range until we get to the Fed event,” he said.
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