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UAE: Gold prices rise ahead of Fed meeting, Russia-Ukraine conflict

24K rises to Dh223 per gram in Dubai on Tuesday morning.

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Gold prices were flat on Tuesday morning, as investors looked for interest rate hike cues from the US Federal Reserve's meeting, while safe-haven bullion was buoyed by risk-off trades over concerns of Russia-Ukraine discord.

Spot gold was flat at $1,842.13 per ounce at 9.10 am UAE time.

In the UAE, the precious metal prices rose at the opening of the market on Tuesday morning.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh223.0 per gram on Tuesday morning as compared to Dh222.50 per gram at the close of the market on Monday.

Among the other variants of the precious metal, 22K opened at Dh209.5 per gram, 21K at Dh200 and 18K at Dh171.5.

Investors are focused on the Fed's two-day policy meeting, which starts on Tuesday, amid expectations the central bank will signal that it planned to raise rates by 25 basis points in March.

Edward Moya, senior market analyst at Oanda, said gold prices performed nicely compared to the pain that hit most commodities.

“Gold got good news on Friday after the largest bullion-backed exchange-traded fund, SPDR Gold shares posted its biggest net inflow in dollar terms since listing in 2004. A laundry list of geopolitical risks will likely lead to safe-haven flows for gold that should help it soon break above the $1,850 level,” said Moya.

waheedabbas@khaleejtimes.com

• Dubai