Gold prices edge higher in early trade

Gold prices edged higher on Thursday as Treasury yields retreated, although gains were limited after stronger US economic data bolstered expectations that the Federal Reserve will retain its hawkish narrative.

Spot gold was up 0.2 per cent at $1,719.19 per ounce.

In the UAE, the 24K was trading at Dh208.75 per gram at the opening of the markets on Thursday. While 22K, 21K and 18K were trading at Dh196.0, Dh187.0 and Dh160.25 per gram, respectively.

Analysts said investors are likely to shift focus to US nonfarm payrolls data due on Friday.

Edward Moya, a senior market analyst at Oanda, said gold needs to see a sharper slowdown in the US and cooler prices for a bullish breakout to form.

“Gold seems poised to consolidate between $1,680 and $1,740 until we get both the NFP (non-farm payrolls) report and latest inflation readings.

San Francisco Federal Reserve President Mary Daly on Wednesday underscored the US central bank's commitment to curbing inflation with more rate hikes, even as she said the Fed will not simply barrel ahead if the economy starts to crack.

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