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UAE: Gold prices steady in Dubai in early trade

Traders were waiting for the US Federal Reserve’s minutes of the June meeting for more clues about interest rate hikes

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Gold prices opened steady for the second consecutive day in the UAE on Tuesday morning.

The 24K variant of the precious metal was trading at Dh233.25 per gram at the opening of the markets on Tuesday, remaining unchanged from the last night’s close. While 22K, 21K and 18K opened at Dh216.0, Dh209.0 and Dh179.25 per gram, respectively.

However, the prices are one dirham per gram higher than Monday’s morning rates.

Globally, spot gold edged 0.13 per cent higher to $1,923.85 per ounce by 9.17 am UAE time.

Traders were waiting for the US Federal Reserve’s minutes of the June meeting for more clues about interest rate hikes.

“Gold traders feel the pain of gradually mounting US yields, but buyers are still willing to enter the market below the $1,900 in the hope that we are nearing a top in the US yields’ upside trajectory,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Ozkardeskaya the US markets will be closed today due to the Independence Day holiday, but the rest of the world will continue digesting the latest news and get positioned for the FOMC minutes due Wednesday and a series of US jobs data between Thursday and Friday.

“While the potential for further hawkish pricing for the Fed seems limited, there is a good chance of a dovish readjustment in the case of soft jobs data,” he said.

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