iPhone | iPad
Android
Huawei
Spot gold was trading at $1,771.62 per ounce, down by 0.2 per cent at 9.15am
KT APPDOWNLOAD
UAE: Gold prices jump after interest rate hikes by central banks
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade
Gold prices extended gains on Thursday, as the US dollar and Treasury yields fell after the Federal Reserve raised interest rates by 75 basis points as expected and its chairman sounded less hawkish on future hikes.
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade.
In the UAE, the 24K gold price jumped Dh2.5 at the opening of the markets on Thursday to trade at Dh210.25 per gram as compared to Wednesday’s close of DhDh207.75. While 22K, 21K and 18K were trading at Dh197.5 per gram, Dh188.5 and Dh161.5, respectively.
The US central bank late on Wednesday raised rates by three-quarters of a percentage point for the second straight meeting to combat soaring inflation. The UAE and other Gulf countries also increased rates in line with the Fed’s decision to cool inflation.
Fed Chair Jerome Powell said another "unusually large" increase in interest rates may be appropriate at the September meeting, but the decision will be determined by the incoming economic data and it would not give forward guidance.
Jeffrey Halley Senior Market Analyst, Asia Pacific, Oanda, said gold needs to overcome heavy resistance at the $1,745 an ounce triple top before the gold bugs can really start to get excited.
“It has support at $1,700.00 and $1,680.00, and then the longer-term support around $1,675.00 an ounce zone. A sustained failure of $1,675.00 will signal a much deeper move lower targeting the $1,450.00 to $1,500.00 an ounce regions,” he said.
waheedabbas@khaleejtimes.com
ALSO READ:
More news from Markets
Analysts and forex experts caution that the political instability will continue to weigh on the rupee's future and may slow the recovery pace in coming days
Customers are spending more on customisable cold beverages, food like lime-frosted coconut bars
In the previous session, the rupee had closed at 79.06 against the US dollar
Spot gold was up 0.3 per cent at $1,777.20 per ounce
It opened at 79.16 against the US dollar and touched 79.11 in initial deals
Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent
Higher oil prices, month-end importer demand and global recession fears could restrict the gains for the rupee