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UAE: Gold prices open higher; 24K up Dh1 per gram in Dubai
This comes as the dollar weakened after the Bank of Japan's (BoJ) surprise policy tweak to its bond yield control programme
Gold prices jumped on Wednesday, after rising more than one per cent in the previous session as the dollar weakened after the Bank of Japan's (BoJ) surprise policy tweak.
Spot gold was trading at $1,816.94 per ounce in the morning.
In the UAE, the 24K gold price rose one dirham to Dh219.75 per gram on Wednesday morning as against last night’s close of Dh218.75 per gram.
Among the other variants of the yellow metal, 22K opened at Dh203.5 per gram, 21K at Dh197.0 and 18K at Dh169.0.
The dollar index was flat after falling on Tuesday as the yen jumped to a four-month high after the BoJ stunned markets with a surprising tweak to its bond yield control programme. A weaker dollar makes bullion more appealing among overseas investors.
Daniel Dubrovsky, Contributor, dailyFX, said gold and silver prices have been aiming cautiously higher in recent weeks.
“We can see that simultaneously retail traders have been gradually increasing their downside exposure in the precious metals,” he said.
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