Dubai: Gold rises above $1,800; 24K price hits Dh218 per gram

Dubai - Precious metal hovers near 2-week high on softer dollar

By Staff Report

Published: Tue 6 Jul 2021, 11:30 AM

Gold prices rose above $1,800 an ounce on Tuesday morning due to softer dollar as investors await results of the US Federal Reserve meeting.

Spot gold was trading at $1,803.0 per ounce, up 0.65 per cent at 9.35am UAE time.

In the UAE, 24K gold price jumped from Dh216.5 per gram on Monday morning to Dh218.0 per gram at the opening of the market on Tuesday.

Among the other variants of the precious metal, 22K price rose to Dh204.75 per gram; 21K to Dh195.5; and 18K to Dh167.5 on Tuesday morning.

Investors are focusing this week is on minutes from the Fed’s latest meeting – due on Wednesday – after a hawkish tilt from the US central bank surprised markets last month.

“Gold traders know that the gold price needs to move above the $1,800 an ounce price level in order to mitigate any bearish threats. Once again, this week, gold prices could see big swings as we do the Fed meeting minutes due,” said Naeem Aslam, chief market analyst at Ava Trade.

The dollar index was little changed at 92.235 after dropping from a three-month high at the end of last week, hurt by the weaker details of the US payrolls report.

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