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UAE: Gold prices jump Dh1 per gram in Dubai

The US dollar was trading near an over one-year low on Tuesday — a weaker dollar makes gold cheaper for holders of other currencies

Published: Tue 18 Jul 2023, 9:32 AM

Updated: Tue 18 Jul 2023, 9:35 AM

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Reuters file photo

Reuters file photo

Gold prices jumped in the UAE on Tuesday morning, rising by Dh1 per gram, in line with an uptick in global rates due to the weakness of the US dollar.

According to Dubai Jewellery Group data, the 24K variant of the precious metal was trading at Dh237.25 per gram at the opening of the markets on Tuesday as against last night’s closing rate of Dh236.25. While 22K, 21K and 18K also opened higher at Dh219.75, Dh212.75 and Dh182.25 per gram, respectively, at 9am UAE time.

Spot gold rose 0.25 per cent to $1,960.02 per ounce by 9.10am UAE time.

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

The US dollar was trading near an over one-year low on Tuesday. A weaker dollar makes gold cheaper for holders of other currencies.

Naeem Aslam, chief investment officer of Zaye Capital Markets, said that when it comes to the price of gold, traders continue to remain very attached to the US Federal Reserve’s monetary policy stance.

“We all know that we are not far from the 2-handle in terms of inflation, and this means that the massive pressure that was on the Fed is no longer there. This means that the Fed doesn’t need to be aggressive with its monetary policy, and this also means that there is no strong need for the Fed to hike interest rates any further.

“Although many do believe that there is a possibility of one more rate hike from the Fed, which could bring one final threat to the gold price. But looking at the price action of the precious metal, we think that it is safe to say that there are more bulls than bears in the market,” he said.

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