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Time to sell? UAE gold prices continue to rise

With the Fed funds rate anticipated to remain elevated for longer, gold’s upside potential appears short-lived, says expert

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Waheed Abbas

Published: Thu 24 Aug 2023, 9:54 AM

Gold prices jumped in the UAE and globally on Thursday morning, trading at nearly a two-week high due to a drop in the US dollar and Treasury yields.

According to Dubai Jewellery Group data, the 24K variant of the precious metal was trading at Dh232.75 per gram at the opening of the markets on Thursday as compared to Dh230.50 on Wednesday morning.

Similarly, the 22K, 21K and 18K also opened higher at Dh215.50, Dh208.50 and Dh178.75 per gram, respectively, at 9am, UAE time.

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Spot gold was up 0.15 per cent at $1,920.92 per ounce by 9.18am, UAE time.

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

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Richard Snow, strategist at dailyFX, said the yellow metal remains within the descending channel but has found support ahead of $1,875, turning higher this week as rising yields ease.

“With the Fed funds rate anticipated to remain elevated for longer, gold’s upside potential appears short-lived. Rising risk-free rates like US Treasuries pose a challenge for the non-interest-bearing metal as traders can get a ‘risk-free’ rate of return that is on the rise,” he said.

The Federal Reserve is holding its annual symposium in Jackson Hole, Wyoming, from August 24 to 26, with the focus on Chair Jerome Powell's speech on Friday.

The Federal Reserve is holding its annual symposium in Jackson Hole, Wyoming, from August 24 to 26, with the focus on Chair Jerome Powell's speech on Friday about interest rates.

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Waheed Abbas

Published: Thu 24 Aug 2023, 9:54 AM

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