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UAE: Gold prices jump on soft dollar

Spot gold rose 0.52 per cent to $1,719.63 per ounce

Published: Fri 9 Sep 2022, 10:11 AM

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Gold prices rose on Friday morning helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as US Federal Reserve Chair Jerome Powell reiterated the central bank's commitment to tame inflation.

Spot gold rose 0.52 per cent to $1,719.63 per ounce as of 9.30am UAE time.

In the UAE, the 24K gold price rose to Dh208.5 per gram on Friday, up from Dh207.25 at the close of the markets on Thursday.

Among the other variants of the precious metal, 22K opened at Dh195.75 per gram, 21K at Dh186.75 and 18K at Dh160.25.

The dollar index was down 0.3 per cent, having hit its lowest level in a week, making the greenback-priced bullion less expensive for those holding other currencies.

Edward Moya, a senior market analyst at Oanda, said gold seems poised to consolidate at the $1,700 level until next week’s US inflation report.

The Fed is "strongly committed" to fighting inflation and remains hopeful that can be done without the "very high social costs" involved in prior campaigns to control surging prices, Powell said on Thursday. His remarks were echoed by other policymakers.

waheedabbas@khaleejtimes.com

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