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UAE: Gold prices rise again in Dubai as dollar retreats

Another dip in the US core inflation data may reinforce some degree of success in the US Federal Reserve’s tightening moves

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Waheed Abbas

Published: Wed 12 Jul 2023, 9:34 AM

Last updated: Wed 12 Jul 2023, 9:35 AM

Gold prices jumped at the opening of the markets in the UAE on Wednesday as global prices surged after the US dollar retreated ahead of the US inflation data.

According to Dubai Jewellery Group data, the 24K was trading at Dh234.75 per gram on Wednesday morning as against last night’s closing rate of Dh234.25 per gram. Meanwhile, 22K, 21K and 18K also opened higher at Dh217.5, Dh210.5 and Dh180.5 per gram, respectively.

Spot gold rose 0.3 per cent to $1,939.11 per ounce by 9.17am UAE time.

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Jun Rong Yeap, contributor for dailyFX, said another dip in the US core inflation data may reinforce some degree of success in the US Federal Reserve’s tightening moves thus far and leaves room for the Fed to consider a prolonged rate pause for more policy flexibility.

“Any upside surprise in inflation may put chatters of more rate hikes on the table but given that a 25 basis-point hike is already heavily priced for the upcoming Fed meeting and the broader trend for inflation is still to the downside, it may potentially have to take a significant beat in inflation numbers to drive a pronounced recalibration in rate pricing,” said Yeap.

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Waheed Abbas

Published: Wed 12 Jul 2023, 9:34 AM

Last updated: Wed 12 Jul 2023, 9:35 AM

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