UAE: Gold prices steady in early trade in Dubai

Gold prices were steady in the UAE on Tuesday morning in line with the global rates as markets were looking for more cues on the US Federal Reserve's policy path.

According to Dubai Jewellery Group data, the 24K was trading at Dh234.75 per gram at the opening of the markets on Tuesday, remaining unchanged from last night’s close. While 22K, 21K and 18K opened at Dh217.25, Dh210.5 and Dh180.25 per gram, respectively.

Spot gold was up 0.03 per cent at $1,938.34 per ounce by 9.13 am UAE time.

Investors were looking forward to cues on interest rates from the US Federal Reserve officials who will speak this week.

Daniel McCarthy, strategist at dailyFX, said the yellow metal price continued to oscillate around $1,940 going into Tuesday’s trading session as market headwinds might be offset by geopolitical factors that have seen volatility in the precious metal slide lower.

“US real yields have been on the march higher for the better part of 2023 and recently stretched to a 14-year peak at the 10-year part of the curve, trading above 1.90 per cent… The last time that real yields were this high was 2009 when spot gold was below $1,000. More recently in 2018, when the real yield was near 1.0 per cent, spot gold was under $1,300 an ounce,” he said.

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