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Dubai: Gold prices open higher in early trade

Traders are tracking the performance of the dollar and the global economic situation to get a direction while awaiting fresh cues

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A Staff Reporter

Published: Wed 8 Feb 2023, 9:57 AM

Gold prices ticked higher on Wednesday morning as the dollar retreated from a one-month peak after US Federal Reserve Chair Jerome Powell did not revert to a more hawkish stance despite last week's stronger-than-expected jobs report.

Spot gold was up 0.23 per cent at $1,870.94 per ounce, as of 9.20 am UAE time.

The precious metal prices rose in the UAE on Wednesday morning. According to the Dubai Jewellery Group data, 24K opened at Dh227.25 per gram on Wednesday morning as compared to last night’s close of Dh226.5.

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Among the other variants of the yellow metal, 22K opened at Dh210.5, 21K at Dh203.75 and 18K at Dh174.75 per gram.

"No major takeaways for gold from Powell's comments yesterday as gold prices were already corrected due to last week's positive economic release," said Hareesh V, head of commodity research at Geojit Financial Services.

Traders are tracking the performance of the dollar and the global economic situation to get a direction while awaiting fresh cues, Hareesh said further.

Edward Moya, senior market analyst, Oanda, said the risks of two or three rate hikes remain on the table and that should keep gold somewhat grounded.

“Peak tightening is getting close to being priced in, but until inflation is below four per cent, traders should not be confident the disinflation process is firmly in place,” he said.

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A Staff Reporter

Published: Wed 8 Feb 2023, 9:57 AM

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