Germany will be the home nation for the 17th European Football Championship, which kicks off in June
kt network1 hour ago
Gold inched lower on Wednesday morning as investors waited for a key decision on interest rates from the US Federal Reserve which could influence the outlook for bullion, amid growing worries over the state of the economy.
Spot gold was down 0.1 per cent to $1,716.9 per ounce by 9.30 am UAE time.
In the UAE, the 24K price fell to Dh207.75 per gram at the opening of the market on Wednesday as compared to Dh208.5 per gram at the close of the markets on Tuesday. While 22K, 21K and 18K opened at Dh195.25, Dh186.25 and Dh159.5 per gram, respectively.
The US central bank is widely expected to raise interest rates by another 75 basis points at the conclusion of its policy meeting on Wednesday.
Naeem Aslam, chief market analyst at AVA Trade, said what matters the most for the gold prices is the future path of the Fed interest rate and this is where traders are likely to see the biggest reaction in the market.
“If the Fed shows that they are going to increase the rates by 75 basis points in the coming meeting as well, that would be highly bullish for the dollar. As a result, we could see a steep sell-off in the gold price. On the other hand, if the Fed says that the future interest rate increase could be somewhere near the 50 basis points, the gold price may continue to rally,” said Aslam.
-waheedabbas@khaleejtimes.com
ALSO READ:
Germany will be the home nation for the 17th European Football Championship, which kicks off in June
kt network1 hour ago
People of determination and senior citizens participated in the initiative to ensure cleanliness and safety of public spaces
uae1 hour ago
Residents laud the authorities for their swift response and efficient handling of unstable weather conditions on Thursday
uae1 hour ago
Ultra-luxury developments show strong growth in Q1 as demand hits all-time high
business2 hours ago
The warning by Gallant Knight 3 is in response to a link entitled 'Compassion for Gaza' circulating
uae2 hours ago
Tremors were felt by residents of the northern part of the province, including the capital Quetta
asia2 hours ago
From streamlining administrative tasks to enhancing patient care, AI is revolutionising the way healthcare is delivered
kt network2 hours ago
Book subscription discounts and exclusive offers from publishing partners are also up for grabs
uae2 hours ago