UAE: Gold prices jump nearly Dh2 in Dubai in early trade

UAE: Gold prices jump nearly Dh2 in Dubai in early trade

Investors and analysts are keeping an eye on the annual Jackson Hole Symposium in Wyoming later this week for any hints on how high can interest rates go

Published: Wed 23 Aug 2023, 9:50 AM

Gold prices jumped by nearly Dh2 in the UAE on Wednesday morning after the precious metal crossed the $1,900 an ounce level.

According to the Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh230.50 per gram at the opening of the markets on Wednesday, up from Dh228.75 at the close of the markets on Tuesday.

Similarly, 22K, 21K and 18K prices rose to Dh211.75, Dh205 and Dh175.75 per gram, respectively, at 9am UAE time.

Spot gold was up 0.24 per cent at $1,903.1 per ounce at 9.20am UAE time, due to a dip in the US dollar and Treasury yields.

[Editor's Note: For real-time gold rates, click the widget below or visit KT's dedicated Trading News page here.]

Investors and analysts are also keeping an eye on the annual Jackson Hole Symposium in Wyoming later this week for any hints on how high can interest rates go, with a particular focus on Federal Reserve Chair Jerome Powell's speech on Friday.

Wael Makarem, senior market strategist for Mena