Palace of former king confirms house arrest was granted but home minister says no such notice received
asia36 minutes ago
Gold prices slipped on Thursday morning, as the dollar and Treasury yields rebounded after comments from Federal Reserve officials pointed to aggressive interest rate hikes despite signs of slowing US inflation.
Spot gold fell 0.4 per cent to $1,784.59 per ounce, as of 9.20 am UAE time.
In the UAE, gold prices dropped in line with global rates on Thursday morning as 24K was priced at Dh216.25 per gram, down by Dh1.25 per gram from Wednesday’s close. Among the other variants of the yellow metal, 22K opened lower at Dh203.0 per gram, 21K at Dh193.75 and 18K at Dh166.0.
Neel Kashkari, president, Minneapolis Fed Bank, believes that the US central bank will need to raise its policy rate to 3.9 per cent by year-end and to 4.4 per cent by the end of 2023 to fight inflation.
US consumer prices did not rise in July due to a sharp drop in the cost of petrol, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years.
Edward Moya, a senior market analyst, Oanda, said cooler-than-expected US inflation data boosted gold as traders began positioning their portfolios for a Fed pivot in September.
“Gold initially surged after inflation decelerated sharply but the rally lost steam as some doom and gloom traders began piling back into risky assets,” said Moya.
Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
waheedabbas@khaleejtimes.com
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