Gold heads for another weekly fall as hefty rate hikes loom, Silver set for biggest weekly drop since August

Gold heads for another weekly fall as hefty rate hikes loom, Silver set for biggest weekly drop since August

Dubai: With gold prices expected to record a fresh new weekly low again this week, buyers are expected to take advantage of the comparatively low prices as the yellow metal is set to get pricier from here on out, analysts reiterate. In the UAE, the cost of 24-karat gold dropped further to Dh202 per gram on Monday. Meanwhile, the price of 22-karat gold fell to Dh189.75 per gram, 21-karat to Dh181 and 18-karat to Dh155.25 in the UAE. Check the . The growing anticipation of another oversized US interest rate hike kept the bullion on track for a weekly decline. Prices were down 1.6 per cent so far for the week. US gold futures - indicative of near-ter prices - inched 0.1 per cent down at $1,666.80. "Gold is stuck between not seeing a pivot any time soon but there is a light at the end of the tunnel here in the sense that the Fed might pause," said Stephen Innes, managing partner at SPI Asset Management. "In medium term there's greater chance for gold to go higher than lower. We're going to see negative outcomes in the economies globally, which could eventually tip the scales in favour of rate