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Gold prices were steady on Thursday morning after a more than two dirham jump on Wednesday as the US June inflation slowed faster than expected.
According to Dubai Jewellery Group data, the 24K price was unchanged at Dh237 per gram at the opening of the markets on Thursday. The 24K variant’s price jumped Dh2.25 per gram on Wednesday after the US data showed inflation slowing to 3.0 per cent in June, down from 4.9 per cent in the previous month.
While 22K, 21K and 18K were trading at Dh219.5, Dh212.5 and Dh182.0 per gram, respectively, on Thursday morning.
Spot gold price was trading at $1,957.08 per gram at 9.30 am on Thursday, as against $1,939.11 per ounce at 9.17 am UAE time on Wednesday.
[Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.]
“Cold as ice — that is what comes to mind when you look at the US CPI data. This is the lowest number since the pandemic, and this is certainly good news for the economy, but it is important to keep in mind that this is still a transitory situation. But overall, traders are cheering this event, and while futures have moved higher, the dollar index has lost more momentum,” said Naeem Aslam, chief investment officer, Zaye Capital Markets.
“The gold price has become more interesting and bullish on the back of the US CPI data, as traders don’t expect the Fed to chop more wood now,” he said.
Manish Jaradi, a strategist, at dailyFX, said a jump in gold after US inflation slowed more than expected in June, reinforced market expectations that the US Federal Reserve is nearing the end of its tightening cycle.
“However, markets are pricing in rate cuts starting in H1 2023, with nearly five rate cuts by the end of next year. The market’s expectations contrast with the Fed’s projected two rate hikes before the year-end and no rate cuts until 2025. Wednesday’s data has further reinforced the market’s dovish pricing,” he added.
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