iPhone | iPad
Android
Huawei
The dollar index, which gauges the greenback's strength against six currencies, fell 0.41 per cent to 105.63, post weak US data and dovish Fed minutes
KT APPDOWNLOAD
UAE: Gold prices inch up, 22K opens at Dh207 per gram
Spot gold was trading at $1,819.23 per ounce at 9.05am UAE time.
Reuters
Gold prices were slightly up on Monday morning as market participants gauged the global economic policy outlook, with inflationary hedge demand countering hawkish comments from US Federal Reserve officials that kept the dollar and Treasury yields supported.
Spot gold was trading at $1,819.23 per ounce at 9.05am UAE time.
In the UAE, the precious metal inched up on Monday morning with 24K trading at Dh220.5 per gram, up Dh0.25 from its previous close.
Among the other variants of the precious metals, 22K opened at Dh207.0 per gram, 21K at Dh197.5 and 18K at Dh169.25.
"Gold has been locked in a sideways consolidation for a while now, the market is still undecided on where it's going," OCBC Bank economist Howie Lee said, adding that "there's still some lingering demand as an inflation hedge."
Traders are now awaiting speeches from Fed officials this week ahead of the January 25-26 policy meeting, but there have been more than enough hawkish comments to see the market almost fully price in a first interest rate hike for March and rates of 1.0 per cent by the year-end.
waheedabbas@khaleejtimes.com
More news from Markets
San Francisco Fed President Mary Daly said the real-world impact of US interest rate hikes is likely greater than what its short-term rate target implies
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.24 per cent to 107.57
Spot gold was down at $1,745.85 per ounce by 9.05am UAE time
On Friday, the rupee depreciated 10 paise to close at 81.74 against the US currency
The KSA retail offer remains unchanged at 10% of the total offering, whilst the institutional offer will reduce from 85% to 80% of the total IPO
The offering size is confirmed at Dh750 million, resulting in the issuance of a total of 250,000,000 new ordinary shares
They were weighed down by a strong dollar after better-than-expected US retail sales data clouded hopes of a smaller rate hike