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UAE: Gold prices rise in Dubai in early trades

Spot gold held its ground at $1,925.89 per ounce at 9.25am UAE time

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by

Waheed Abbas

Published: Tue 11 Jul 2023, 9:44 AM

Gold prices in the UAE rose at the opening of the markets on Tuesday morning.

The 24K was trading at Dh233.75 per gram on Tuesday morning, up from Dh233.0 per gram at the close of the markets on Monday. The other variants of the yellow metal also rose on Tuesday in early trade with 22K opening at Dh216.25, 21K at Dh209.5 and 18K at Dh179.5 per gram.

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Globally, prices were steady on Tuesday morning due to the weaker dollar as investors are cautious to place big bets ahead of US inflation data which could influence US Federal Reserve’s interest rate policy.

Spot gold held its ground at $1,925.89 per ounce at 9.25am UAE time.

Nick Cawley, a senior strategist, dailyFX, said gold volatility is currently sitting at a multi-month low, while the indicator shows that gold is neither overbought nor oversold.

“This may change mid-week when the latest US inflation data is released. US core inflation is expected to fall to 5 per cent from 5.3 per cent in May y/y, while headline inflation is seen falling to 3.1 per cent from 4 per cent last month,” said Cawley.

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Waheed Abbas

Published: Tue 11 Jul 2023, 9:44 AM

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