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Dubai: Gold prices firm ahead of Fed chief speech

Senior market analyst says gold prices are trying to find support as global bond yields surge

Published: Tue 7 Feb 2023, 9:49 AM

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Gold prices were firm on Tuesday as the dollar pulled back slightly, with traders awaiting US Federal Reserve chairman Jerome Powell's speech later in the day for hints about future rate hikes after last week's strong economic data.

Spot gold was 0.4 per cent higher at $1,874.25 per ounce, as of 9.30 am UAE time.

In the UAE, precious metal prices were unchanged on Tuesday as compared to last night’s close.

According to Dubai Jewellery Group data, the 24K was trading at Dh226.75 per gram, while 22K, 21K and 18K opened at Dh210.0, Dh203.25 and Dh174.25 per gram, respectively.

"Despite another round of up move in the dollar and yields, the downside in gold prices is more limited, which points to some attempts to stabilise after the recent sell-off," said Yeap Jun Rong, a market analyst at IG.

Edward Moya, a senior market analyst at Oanda, said gold prices are trying to find support as global bond yields surge.

“Gold isn’t acting like a safe haven right now as the bond market selloff might be here a little while longer. Gold is still licking its wounds from that game-changer of an NFP report. The geopolitical risk also seems to be potentially inflationary and that is taking away some of gold’s lustre,” he said.

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