Transition to QR Codes with GS1 standards to revolutionise the consumer experience
Gold prices rose Dh0.75 per gram in Dubai at the opening of the markets in the UAE after losing Dh2.5 per gram on Wednesday, hitting a two-week low.
At 9am UAE time on Thursday, the 24K variant of the yellow metal was trading at Dh278.75 per gram in Dubai, up from Dh278.0 per gram at the close of the markets on Wednesday. The metal lost Dh2.5 per gram on Wednesday.
Among the other variants, 22K, 21K and 18K were trading higher at Dh258.0, Dh249.75 and Dh214.0 per gram, respectively.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Globally, gold was steady at $2,299 per ounce at 9.10am UAE time, trading at nearly a two-week low, due to a stronger US dollar and higher bond yields.
Andreas Thalassinos, senior market analyst at Neotrades, said the market’s attention is now focused on the upcoming inflation data expected on Friday, which could significantly affect the Federal Reserve’s decisions on interest rates.
“The Personal Consumption Expenditures (PCE) data is scheduled for release this Friday and could affect traders’ expectations in addition to a series of Federal Reserve governors’ speeches during the week. While last Friday’s data revealed a slight increase in US business activity, presenting a challenge for gold, the market still anticipates the possibility of two interest rate cuts this year, potentially supporting the asset,” said Thalassinos.
Marc Pussard, head of risk at APM Capital, said gold price tumbled as the Greenback staged a recovery underpinned by a minimal rise in US Treasury bond yields.
ALSO READ:
Transition to QR Codes with GS1 standards to revolutionise the consumer experience
Annual exercise is integral to banks’ capital planning
The UAE is the first market in the HSBC global network to launch WorldTrader
The diversified group has a strong presence in the UAE
Fourth Edition of EDB Connect Forum fosters strategic partnerships
Partnership aims to create a thriving community of innovative entrepreneurs
Agreement calls for robust cooperation across a broad spectrum of duties
UAE and GCC present fertile ground for the adoption of immersive technologies