UAE: Gold prices steady in early trade

Gold prices were steady at the opening of the markets on Monday.

According to Dubai Jewellery Group data, the 24K was trading at Dh233.0 per gram at 9 am on Monday. While 22K, 21K and 18K opened the week at Dh215.75, Dh208.75 and Dh179.0 per gram, respectively.

Spot gold was mostly unchanged at $1,923.22 per ounce by 9.11 am UAE time.

Investors were waiting for the US consumer inflation report due later this week to assess the Federal Reserve's decision about the interest rate hike.

Zain Vawda, analyst, dailyFX, said the precious metal prices had a topsy-turvy week with an excellent start followed by a mid-week selloff before a recovery to end the week marginally higher.

Vawda said this week seems like a slow one after the action-packed week of Central Bank meetings.

“We have US Durable Goods Ordered which is usually not a leading indicator but following the 5.2 per cent contraction could add to concerns about the state of the US economy. This could also dent market hopes for a ‘soft landing’ and weigh on the US dollar giving gold further impetus for a move higher,” he said.

ALSO READ:

• UAE: Gold prices slip Dh1.5 in Dubai after hitting 3-week high

• UAE: Gold prices drop in Dubai ahead of Fed meeting

• UAE: Gold prices start the week on a positive note, rise in early trade in Dubai

• Business