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UAE: Gold prices near 9-month high; 22K crosses Dh215 per gram

The dollar index slipped 0.4 per cent, making dollar-priced gold a more attractive bet

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by

A Staff Reporter

Published: Mon 16 Jan 2023, 9:44 AM

Gold prices climbed to near a nine-month high on Monday, as a softer dollar and expectations of slower interest rate hikes from the US Federal Reserve added to bullion's shine.

Spot gold was up 0.3 per cent to $1,926.07 per ounce.

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In the UAE, the 24K gold prices opened at Dh232.75 per gram, while 22K, 21K and 18K were trading at Dh215.5, Dh208.75 and Dh178.75 per gram, respectively, on Monday morning.

The dollar index slipped 0.4 per cent, making dollar-priced gold a more attractive bet.

"Fed remains the focus. The market is of the view that the Fed's rate-hike cycle is slowing and may come to an end soon, which is helping gold," said Ilya Spivak, head of global macro at Tastylive.

"Prices are seeing good support around the $1,900-$1,920 levels. The next key level of resistance will be around $1,970," Spivak said.

Edward Moya, senior market analyst at Oanda, said gold prices were rising as Wall Street grows confident that the Fed is almost done with raising rates.

“The University of Michigan sentiment report showed one-year inflation expectations fell to the lowest levels since April 2021. Non-interest bearing gold is loving the slide in bond yields and that could continue as earnings come in softer-than-expected,” he said.

Moya sees gold having strong resistance at the $1,950 region.

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A Staff Reporter

Published: Mon 16 Jan 2023, 9:44 AM

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