UAE: Gold prices open higher in Dubai as dollar retreats

Investors anticipate slower rate hikes from the US Federal Reserve at its policy meeting next week



Reuters file photo
Reuters file photo
by

A Staff Reporter

Published: Thu 8 Dec 2022, 10:35 AM

Gold prices in the UAE opened higher on Thursday morning after the bullion jumped more than one per cent in the previous session globally due to a retreat in the US dollar.

The Dubai Gold and Jewellery Group data showed 24K trading at DhDh216.0 per gram at the opening of the markets on Thursday as compared to last night’s close of Dh215.5 per gram.

The 22K, 21K and 18K gold also opened higher at Dh203.0, Dh193.75 and Dh166.0 per gram, respectively.

Globally, spot gold was down slightly at $1,784.81 as of 10.15am, UAE time.

Gold on Wednesday was supported by a pullback in the dollar and US bond yields as investors anticipate slower rate hikes from the US Federal Reserve at its policy meeting next week.

Market participants mostly expect a 50-basis point rate hike at the Fed's final meeting of 2022 scheduled on December 13-14.

“Gold has been trending upwards with some sideways consolidation for the last couple of weeks… As per the John Helms report, gold faces resistance in the range of $1,795 to $1,805,” said Vijay Valecha, chief investment officer at Century Financial.

waheedabbas@khaleejtimes.com

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