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UAE: Gold prices rise in Dubai in early trade
Traders see light at the end of the Fed rate hiking tunnel
Gold was flat on Thursday morning in the global markets but the yellow metal’s prices rose at the opening of the market in the UAE.
The precious metal jumped in the previous session on falling Treasury yields and a weaker dollar, which were driven lower by a large but widely expected interest rate hike announcement from the US Federal Reserve.
Spot gold was trading at $1,831.37 per ounce at 9.10 am UAE time.
In the UAE, the 24K price rose one dirham per gram at the opening of the market.
The Dubai Gold and Jewellery Group data showed 24K trading at Dh222.0 per gram as compared to Wednesday’s close of Dh221.0 per gram. While 22K, 21K and 18K opened at Dh208.5, Dh199.0 and Dh170.5 per gram, respectively.
On Wednesday, the Fed raised its target interest rate by 0.75 per cent to rein in inflation.
Edward Moya, senior market analyst at Oanda, said gold prices rebounded as some traders are seeing light at the end of the Fed rate hiking tunnel.
“Aggressive rate hikes over the next couple of Fed meetings suggest we could be close to seeing a peak with surging Treasury yields. The Fed may deliver one more 75 basis point rate increase, but traders are doubting we will see a steady stream of supersized hikes,” said Moya.
“It looks like recession calls are growing for the end of next year and that should also be positive for safe-haven flows for gold. It looks like the dollar could have a short-term top here and that should be constructive for gold prices,” he added.
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Naeem Aslam, chief market analyst at Ava Trade, said there is still no clear trend forming for the gold price, and the yellow metal continues to trade in an ugly range. “We would need a new catalyst for the precious metal to break out of its current range which runs from $1,794 to $1,874.”
- waheedabbas@khaleejtimes.com
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