UAE: Gold prices inch higher in Dubai in early trade

Spot gold was trading at $1,718.6 per ounce by 9.20am


A Staff Reporter

Published: Tue 6 Sep 2022, 9:43 AM

Gold prices were slightly up on Tuesday morning and held above the key $1,700 per ounce level as hopes that the Federal Reserve might slow the pace of rate hikes after mixed US jobs data helped offset pressure from a robust dollar.

Spot gold was trading at $1,718.6 per ounce by 9.20am, up by 0.27 per cent.

In the UAE, gold prices inched higher in line with the global rates. The Dubai Gold and Jewellery Group data showed 24K trading at Dh207.75 per gram on Tuesday as compared to Dh207.50 at the close of the markets on Monday.

Among the other variants of the precious metal, 22K opened at Dh195.25 per gram, 21K at Dh186.25 and 18K at Dh159.75.

Vijay Valecha, chief investment officer at Century Financial, said shoppers in the UAE missed an opportunity to buy gold at a discounted price, as the price jumped about $15 per ounce in three hours, and according to Dubai Gold Souk sellers, any sudden price increase scares off shoppers even if its minim.

“Many UAE gold shoppers are waiting for the Indian festival of Diwali to bulk buy gold,” he said, adding that the yellow metal could see its first resistance at $1,729.5 and second at $1,744.48.


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