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UAE: Gold prices jump Dh1.5 per gram in Dubai in early trade

The US dollar index eased 0.1 per cent as investors expect Fed to hold rates this month, making gold a more favourable bet among overseas investors

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Waheed Abbas

Published: Tue 6 Jun 2023, 10:04 AM

Gold prices opened higher in the UAE on Tuesday morning in line with global rates after optimism grew among investors that the US Federal Reserve will not hike rates in June.

According to Dubai Jewellery Group data, the 24K was trading at Dh237.5 per gram at the opening of the markets on Tuesday, up Dh1.5 per gram from last night’s close of Dh236.0 per gram.

Among the other variants of the precious metal, the 22K opened higher at Dh220.0, 21K at Dh213.0 and 18K at Dh182.5 per gram.

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Spot gold was trading at $1,961.09 per ounce in the morning.

The US dollar index eased 0.1 per cent as investors expect Fed to hold rates this month, making gold a more favourable bet among overseas investors.

Vijay Valecha, chief investment officer, Century Financial, said on the technical front, gold prices have taken support close to the $1,935 level.

“A break below $1,928 can fuel further corrections towards $1,912 followed by $1,900. On the upside, the next resistance lies around $1,970 followed by $1,989. A break above the $2,000 level can fuel bullish momentum towards 2016 and 2035,” said Valecha.

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Waheed Abbas

Published: Tue 6 Jun 2023, 10:04 AM

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