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UAE: Gold prices steady ahead of Fed decision on rate hike
Spot gold was up 0.05 per cent at $1,726.28 per ounce at 9.12am local time
Gold prices were steady on Monday morning, as an elevated dollar and prospects of an aggressive interest rate hike by the US Federal Reserve this week dented demand for non-yielding bullion.
Spot gold was up 0.05 per cent at $1,726.28 per ounce at 9.12am UAE time.
In the UAE, the 24K price remained unchanged at Dh209.25 per gram at the opening of the markets on Monday. While 22K, 21K and 18K were trading at Dh196.5, Dh187.5 and Dh160.75 per gram, respectively.
The dollar rose 0.1 per cent against its rivals, making greenback-priced bullion more expensive for buyers holding other currencies.
Jeffrey Halley, senior market analyst, Asia Pacific, Oanda, said gold closed higher for the second session in a row on Friday, quite the achievement given its woeful performance of late.
“Two positive sessions do not mean gold is out of the woods, but the technical picture does suggest it is trying to form a base, having bounced off long-term support near $1,680 an ounce last week. It faces a myriad of data and event risks this week, but the chart does suggest buying the dips toward $1,700 with a tight stop wouldn’t be the dumbest call of your career,” said Halley.
-waheedabbas@khaleejtimes.com
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