UAE: Gold prices steady in Dubai after Monday evening's drop

Gold prices were largely steady in the UAE on Tuesday morning after prices dropped on Monday evening due to US Federal Reserve Governor Michelle Bowman's comments on additional interest rate hikes needed to rein in inflation.

According to Dubai Jewellery Group data, the 24K and 18K prices remained unchanged at Dh234.25 and Dh180.0, respectively, on Tuesday morning, while 22K and 21K opened 25 fils higher at Dh217.0 and Dh210.0, respectively, at 9 am UAE time.

Local precious metal prices dropped around half a dirham on Monday evening. Spot gold was down 0.14 per cent at $1,934.04 per ounce by 9.17 am UAE time on Tuesday.

Daniel Dubrovsky, Contributing Senior Strategist, dailyFX, said the yellow metal has been aiming cautiously lower in recent weeks. In response, retail traders have been slowly boosting their upside exposure.

Meanwhile, central banks worldwide added a record amount of gold to their reserves through the first half of 2023. Net central bank gold purchases totalled 387 tons through the first half of the year, according to data compiled by the World Gold Council. That was the highest first-half total since the organization started compiling quarterly data in 2000. China’s PBoC was the biggest buyer, followed by Singapore’s MAS, while Turkey turned out to be a net seller in Q2 due to local market dynamics.

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