iPhone | iPad
Android
Huawei
We have no time to waste. We need a detailed action plan across the key pillars of the Paris Agreement, says Al Jaber
KT APPDOWNLOAD
UAE: Gold prices inch up in Dubai in early trade
Gold has risen about $200 since falling to a more than two-year low in late September, as expectations around slower rate hikes from the Fed dimmed the dollar's charm
File photo
Gold prices edged up on Thursday, in the UAE and globally, helped by a softer dollar in holiday-thinned trading – but prices moved in a tight range as market participants awaited economic data for further direction.
Spot gold rose 0.27 per cent to $1,819.96 per ounce as of 9.25 am UAE time.
In the UAE, the 24K gold price inched up to Dh220.5 per gram at the opening of the markets on Thursday. Meanwhile, 22K, 21K and 18K opened at Dh204.25, Dh197.5 and Dh169.25 per gram, respectively.
The dollar index was down 0.2 per cent, making gold cheaper for holders of other currencies.
"Gold is holding a range as trading is fairly thin and investors are in wait-and-see mode. The PCE (personal consumption expenditure) data will be important; if inflation continues to come down, the dollar will further weaken and gold will get a steadier tone," Edward Meir, an analyst with ED&F Man Capital Markets, told Reuters.
Gold has risen about $200 since falling to a more than two-year low in late September, as expectations around slower rate hikes from the Fed dimmed the dollar's charm.
The Federal Reserve lowered its pace of rate hikes gradually to 50 bps in December after four straight 75 bps rate hikes. However, Fed Chair Jerome Powell has signalled that the US central bank will deliver more rate hikes next year.
ALSO READ:
More news from UAE
The country focuses on elevating the economy by identifying alternative avenues
To be eligible, companies must be fully independent, privately held, have 30 or more full-time employees, be 7 years old or younger, be headquartered in country
Three others ride away with luxury vehicles
Rogers flew as high as 15 metres thrice to demonstrate the capacity of his self-made suit
Sheikh Ahmed bin Mohammed bin Al Maktoum awarded Dr Mohammed Ghanem Al Rumaihi with the honour of the Media Personality of the Year
Authority reminded residents that the deadline to subscribe to the plan is October 1, failing which a Dh400 fine applies
Sheikh Mohamed bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued an Emiri decree