Dubai gold price: Is this a good time to buy?

Global spot gold prices dipped slightly on Thursday while Dubai retail prices of the precious metal remained changed on Thursday morning.

Globally, spot gold inched down 0.24 per cent to $1,739.76 per ounce at 9.10am UAE. While US gold futures fell 0.3 per cent to $1,736.50 per ounce.

In Dubai, 24K retail gold price was unchanged at Dh210.75 per gram. While 22K, 21K and 18K prices stood at Dh198, Dh188.75 and dh161.75 per gram on Thursday morning.

Global investors turned to riskier assets after the US Federal Reserve's latest meeting minutes indicated continued policy support and cemented hopes of a quick economic turnaround.

"If we get continued strength in economic reports I think we are going to see much greater likelihood of interest rates increasing ... yields increasing. That ultimately is going to have negative impact on gold," said Jeffrey Sica, founder of Circle Squared Alternative Investments.

-waheedabbas@khaleejtimes.com