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UAE: Gold prices jump Dh2 per gram in Dubai, hit 6-month high

The Dubai Gold and Jewellery Group data showed 24K trading at Dh223.0 per gram on Tuesday morning as compared to Dh221.0 at the close of the markets on Monday

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A Staff Reporter

Published: Tue 3 Jan 2023, 9:55 AM

Gold prices hit a six-month high on Tuesday morning in thin trading, with the market's attention turning to minutes from the US Federal Reserve's latest policy meeting due this week.

Spot gold was up 0.55 per cent at $1,839.26 per ounce as of 9.35 am UAE time.

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In the UAE, precious metal prices jumped two dirhams per gram at the opening of the markets on Tuesday.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh223.0 per gram on Tuesday morning as compared to Dh221.0 at the close of the markets on Monday.

Similarly, 22K, 21K and 18K also opened higher at Dh206.5, Dh200.0 and Dh171.25 per gram, respectively.

"We're seeing a slight bid for gold and the $1,830 level appears to be a bit of a magnet. But with liquidity very low this time of the year, it appears to be technical buying as opposed to fundamentally driven," said Matt Simpson, a senior market analyst at City Index.

"I doubt the minutes will pack as much of a punch as the Fed's December meet had, but traders will look for confirmation of the lower terminal Fed rate expressed in the median dot plot and that could support gold," said Simpson.

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A Staff Reporter

Published: Tue 3 Jan 2023, 9:55 AM

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