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UAE: Gold prices drop slightly in early trade after jumping Dh3.50 per gram on Wednesday

Expert says any further signs of weakness in the US job market will allow the central bank more time to leave interest rates unchanged, and potentially bring forward the first rate cut

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AP file
by

Waheed Abbas

Published: Thu 31 Aug 2023, 9:49 AM

Gold prices dropped slightly in the UAE at the opening of the markets on Thursday after jumping Dh3.50 on Wednesday.

According to Dubai Jewellery Group Data, the 24K variant of the precious metal was trading at Dh235.50 per gram on Thursday morning as compared to last night’s close of Dh236 per gram. Its variants 22K, 21K and 18K were trading at Dh218.25, Dh211.25 and Dh181 per gram, respectively, at 9am, UAE time.

Spot gold was steady at $1,944.92 per ounce by 9.17am, local time.

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

The yellow metal got a boost on Wednesday after a fresh set of soft US data added to expectations that the US Federal Reserve will pause rate hikes this year, although inflation readings due later in the day could amend this outlook.

"Traders are waiting to see the full news cycle develop a more comprehensive view on inflationary pressures," Michael Langford, chief investment officer at Scorpion Minerals, told Reuters.

Nick Cawley, senior strategist at dailyFX, said the Fed is looking closely at the jobs market and any further signs of weakness will allow the US central bank more time to leave interest rates unchanged, and potentially bring forward the first rate cut.

“Gold is now back in a prior zone of support and is looking to break higher,” he said.

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Waheed Abbas

Published: Thu 31 Aug 2023, 9:49 AM

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