Gold in UAE: Buy or hold? Prices are set to rise as more big rate hikes loom

Gold in UAE: Buy or hold? Prices are set to rise as more big rate hikes loom

Dubai: Although the price of gold dropped slightly Monday morning, commodity analysts currently evaluate how buyers can't afford to wait for prices to get lower, as the expectation is for the yellow metal to get costlier as more economies raise rates worldwide in the days and weeks to come. In the UAE, the cost of 24-karat gold was at Dh207.50 per gram on Monday. Meanwhile, the price of 22-karat gold fell to Dh195 per gram, 21-karat to Dh186 and 18-karat to Dh159.50 in the UAE. Check the . UAE gold shoppers have got another window of opportunity with the local gold rate for 22-karat at Dh195 a gram, and within touching distance of the lowest for this year to date of Dh191.75 on July 21. Globally, the bullion has mainly fluctuated between $1,700 an ounce and $1,720 in September after several months of declines, and closed Friday with its first weekly gain in four. "Gold has once again bounced back after taking support near $1,700/oz, but may struggle with the Fed's continuing emphasis on aggressive tightening," said Ravindra Rao, head of commodity research at India-based Kotak Securities Ltd. Support from a weaker US dollar and uncertainties stemming from China's virus