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This comes after all major private raffle draw operators paused their operations since the beginning of this year
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UAE: Gold prices recover in Dubai after slumping Dh2 per gram on Monday
Other variants of the yellow metal also opened higher
Gold price in the UAE jumped more than Dh1 per gram at the opening of the markets on Tuesday after falling by Dh2 per gram on Monday.
The Dubai Jewellery Group data showed 24K trading at Dh245.25 per gram on Tuesday morning as compared to Monday’s close of Dh244.0 per gram. The other variants of the yellow metal also opened higher. The 22K was trading at Dh227.0 per gram, 21K at Dh219.75 and 18K at Dh188.5.
Spot gold was up 15 per cent at $2,028.25 per ounce at 9.35am UAE time, after hitting its lowest since January 25 in the previous session.
Rania Gule, market analyst at XS.com, said the price fell on Monday due to optimistic non-farm payroll data for January in the US.
She added that markets were pricing in expectations that the Federal Reserve would keep interest rates unchanged at the policy meeting in March, within the range of 5.25 to 5.50 per cent.
“The strong job market data reinforces the argument for maintaining higher interest rates until the end of spring this year. The strong demand for labour and the high average wages offered by employers in the US suggest bright prospects for demand. This also indicates a continuation of the high inflation environment, requiring interest rates to remain elevated to prevent further increases,” she added.
Gule added that while gold prices are under pressure, expectations for US bond yields and the Dollar Index have significantly improved.
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