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UAE: Gold prices open higher on first trading day of the week

The precious metal prices hit near a two-month low last week

Published: Mon 19 Feb 2024, 9:37 AM

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Photo: Reuters

Photo: Reuters

Gold prices jumped in the UAE on the first trading day of the week as global rates recovered due to the weakness of the US dollar.

The 24K variant of the yellow metal was trading at Dh244.5 per gram on Monday morning compared to last week’s close of Dh243.75 per gram. Similarly, 22K, 21K and 18K also opened higher at Dh226.5, Dh219.25 and Dh188.0 per gram, respectively.

Spot gold was up 0.24 per cent at $2,018.85 per ounce at 9.17 am UAE time.

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The yellow metal prices hit near a two-month low last week as traders assessed US Federal Reserve officials' mixed remarks on January's hotter-than-expected inflation data that triggered a pullback on hopes of early and deeper interest rate cuts.

Saxo Bank said it is keeping a bullish outlook for gold and silver but stressed that both metals are likely to remain stuck until there is a better understanding of the delivery of future US rate cuts.

“Until the first cut is delivered, the market may at times run ahead of itself, in the process building up rate cut expectations to levels that leave prices vulnerable to a correction. With that in mind, the short-term direction of gold and silver will continue to be dictated by incoming economic data and their impact on the dollar, yields, and not least rate cut expectations,” said Ole Hansen, head of commodity strategy, Saxo Bank.

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