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UAE: Gold prices slightly up in early trade
'The catalyst for the recent strong rally was partially the correction of the US dollar,' says expert
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Gold hovered near a three-month high on Tuesday, as a top US central bank official's comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes, while an uptick in the dollar kept gains in check.
Spot gold was slightly up at $1,771.65 per ounce at 9.55am UAE time.
In the UAE, 24K opened at Dh214.5 per gram. While 22K, 21K and 18K were trading at Dh201.5, Dh192.25 and Dh164.75 per gram, respectively, at the opening of the markets on Tuesday morning.
"Gold has had a very strong run from $1,618 per ounce and is now due for some consolidation short term. However, the overall dominant risk remains very much to the upside," said Clifford Bennett, chief economist at ACY Securities.
"The catalyst for the recent strong rally was partially the correction of the US dollar," Bennett told Reuters.
Gold prices have risen $150 or nearly 10 per cent since falling to a one-month low earlier this month as data showing an uptick in the US unemployment rate in October and signs of cooling inflation led to Fed slowdown optimism.
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