UAE: Gold prices drop further in Dubai

Spot gold was down at $1,745.85 per ounce by 9.05am UAE time



by

A Staff Reporter

Published: Mon 21 Nov 2022, 9:13 AM

Gold prices fell on Monday morning, after marking its worst week in five, as traders awaited further cues on central banks' interest rates strategy.

Spot gold was down at $1,745.85 per ounce by 9.05am UAE time.

In the UAE, gold prices fell half a dirham per gram at the opening of the markets on Thursday.

The 24K gold price opened at Dh211.5 per gram on Monday as compared to its previous close of Dh212. Among the other variants of the precious metal, 22K was trading at Dh198.75, 21K at Dh189.5 and 18K at Dh162.5.

Analysts said last week that institutional investors are wary and further gains could be elusive.

Atlanta Federal Reserve President Raphael Bostic said Saturday he is ready to "move away" from three-quarter-point rate hikes at the Fed's December meeting and feels the Fed's target policy rate needs to rise no more than another percentage point to tackle inflation.

-waheedabbas@khaleejtimes.com

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