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UAE: Gold continues to shine, 24k reaches Dh223.75 per gram
Spot gold held its ground at $1,846.87 per ounce at 9.15am UAE time.
Reuters
Gold prices were steady on Wednesday morning as investors refrained from making big bets ahead of a US central bank decision on the pace of policy tightening, while anxiety over Ukraine kept bullion supported near the previous session's 10-week high.
Spot gold held its ground at $1,846.87 per ounce at 9.15am UAE time.
In the UAE, gold prices moved higher at the opening of the market with 24K trading at Dh223.75 per gram, up Dh0.50 from Tuesday’s close. Among the other variants of the precious metal, 22K opened at Dh210.25 per gram, 21K at Dh200.5 and 18K at Dh172.0 on Wednesday morning.
Ilya Spivak, currency strategist at DailyFX, said gold will be supported as long as the Fed doesn't spook the markets with anything new, as long as they don't advance the narrative and things sound basically about where they are, which is three to four rate hikes this year.
Although gold is considered a hedge against inflation and geopolitical risks, interest rate hikes would raise the opportunity cost of holding non-yielding bullion.
“Gold is rallying as investors run to safety over fears the Fed will aggressively tighten policy and as the list of geopolitical risks continues to grow: The Russian-Ukraine standoff will remain a tense situation for the foreseeable future, North Korea may resume nuclear tests, and Iran nuclear talks are approaching a decisive moment,” said Edward Moya, senior market analyst at Oanda.
waheedabbas@khaleejtimes.com
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