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UAE: Gold prices rise in Dubai as the dollar retreats

Daniel Dubrovsky, contributing senior strategist at dailyFX, said yellow metal prices have been aiming higher in recent weeks

Published: Tue 29 Aug 2023, 9:34 AM

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Gold prices rose in the UAE on Tuesday morning in line with the rise in global rates as the dollar and Treasury yields retreated from recent highs ahead of crucial US inflation and jobs data this week.

According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh233.0 per gram, up from Dh232.25 per gram at the close of the markets on Monday. Similarly, 22K, 21K and 18K also opened higher at Dh215.75, Dh209.0 and Dh179.0 per gram, respectively, at 9 am UAE time on Tuesday.

Spot gold was up 0.12 per cent at $1,923.59 per ounce by 9.20am UAE time.

Saxo Bank said the yellow metal trades steady after managing to withstand Friday’s selloff attempt after US Federal Reserve chairman Jerome Powell reiterated the Fed’s long-term 2 per cent inflation target while at the same time saying the FOMC would proceed carefully while not ruling out further rate hikes.

“The first rate cut is now expected to occur next June from a month earlier previously,” Saxo Bank said, projecting resistance levels at $1,924 and $1,936.

Daniel Dubrovsky, contributing senior strategist at dailyFX, said yellow metal prices have been aiming higher in recent weeks.

“In response retail traders have been cautiously increasing downside exposure,” he said.

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