UAE: Gold prices steady; 24K trades at Dh219 per gram

Gold prices were steady on Thursday morning, trading below a one-week high hit in the previous session as the US dollar regained some ground ahead of major central bank meetings.

Spot gold was flat at $1,806.74 per ounce, down 0.06 per cent at 9.15 am UAE time.

In the UAE, 24K opened at Dh219.0 per gram on Thursday morning. Among the other variants of the precious metal, 22K was trading at Dh205.5 per gram, 21K at Dh196.25 and 18K at Dh168.25.

Gold traders were looking at the outcome of the central bank meetings as economies around the world face pressure to tackle rising inflationary risks. Markets expect the Bank of England to raise interest rates again and signal further unwinding of its pandemic stimulus, while the European Central Bank is set to keep policy unchanged but acknowledge surging inflation.

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"Rate expectations are the primary driver of gold right now," IG Markets analyst Kyle Rodda told Reuters.

"There's been some reprieve for gold in recent days from some comments from a handful of Fed speakers, who have hosed down some fears of aggressive tightening."

-waheedabbas@khaleejtimes.com

• Dubai