UAE: Gold prices inch lower in Dubai

UAE: Gold prices inch lower in Dubai

The 24K price fell slightly to Dh216.75 per gram at the opening of the market as compared to last night’s close of Dh217.0 per gram

Published: Tue 20 Dec 2022, 10:10 AM

Gold prices inched lower on Tuesday, as a firmer dollar and expectations of more rate hikes from the US Federal Reserve dented the non-yielding bullion's appeal.

Spot gold was down 0.1 per cent at $1,784.98 per ounce.

In the UAE, the 24K gold price fell slightly to Dh216.75 per gram at the opening of the market as compared to last night’s close of Dh217.0 per gram. 22K, 21K and 18K opened at Dh200.75, Dh194.25 and Dh166.5 per gram, respectively.

Fed Chair Jerome Powell said last week the central bank will deliver more interest rate hikes next year to curb inflation. Other major central banks have also highlighted the same.

Naeem Aslam, chief market analyst at AVA Trade, said gold prices are mostly consolidating now as traders are unsure about the future direction of the dollar index.

“There is no doubt that the strength in the dollar index triggered some sell-off in the precious metal, but it seems that traders still want to support the price of the precious metal as it continues to trade near