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UAE: Gold prices steady in Dubai in early trade

Markets would be looking for direction from economic data this week for confirmation on the rate trajectory

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by

Waheed Abbas

Published: Mon 28 Aug 2023, 9:55 AM

Gold prices were steady in the UAE and globally on Monday morning despite US Federal Reserve chairman Jerome Powell's hawkish stance on interest rates.

The Dubai Jewellery Group data showed precious metal prices remaining unchanged from last week's close at the opening of the markets on the first trading of the week.

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Data showed 24K trading at Dh232.0 per gram on Monday morning while 22K, 21K and 18K opened at Dh214.75, Dh208.0 and Dh178.25 per gram, respectively at 9 am local time.

Global spot gold was up 0.03 per cent at $1,915.86 per ounce by 9.15am UAE time.

Markets would be looking for direction from economic data this week for confirmation on the rate trajectory after Powell left open the possibility of further rate increases while speaking at the annual gathering in Jackson Hole, Wyoming on Friday.

"The general view is that market participants were already priced for a hawkish outcome in the lead-up to Powell's speech, which allows room for some relief on little surprises," Yeap Jun Rong, a market strategist at IG, told Reuters

"However, much still awaits on a sustained recovery in gold prices for now, given that concerns of re-accelerating inflation on US economic resilience are translating into mounting bets of a November rate hike,” said Rong.

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Waheed Abbas

Published: Mon 28 Aug 2023, 9:55 AM

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