UAE: Gold prices recover in Dubai after dropping Dh1 on Tuesday

UAE: Gold prices recover in Dubai after dropping Dh1 on Tuesday

Spot gold was up 0.32 per cent at $1,931.64 per ounce by 9.40 am local time

Published: Wed 9 Aug 2023, 9:57 AM

Gold prices rose in the UAE on Wednesday morning after dropping one dirham per gram on Tuesday evening.

According to Dubai Jewellery Group data, the 24K opened higher at Dh233.75 per gram on Wednesday as compared to last night’s close of Dh233.25. While 22K, 21K and 18K were trading at Dh216.5, Dh209.5 and Dh179.5 per gram, respectively, at 9 am UAE time.

Spot gold was up 0.32 per cent at $1,931.64 per ounce by 9.40 am UAE time.

Bas Kooijman, CEO and asset manager of DHF Capital, said gold prices recorded some volatility as markets turned to more caution as traders digested the US credit rating downgrade as well as the economic data in Europe and the US.

“Gold has been on a rebound since the beginning of July but could come under pressure as some uncertainty takes over. The credit rating downgrade has fueled mixed reactions on the market and could push some investors toward safer assets including gold,” he said.

While concerns about a recession in the US have been declining in particular after the Federal Reserve announced it didn’t forecast one