Dubai: Gold prices jump in early trade
Gold rose in early morning trade on Thursday after minutes of the US Federal Reserve’s latest policy meeting signalled slower interest rate hikes
Gold prices rose at the opening of the markets in the UAE on Thursday.
According to Dubai Gold and Jewellery Group data, the 24K gold price jumped to Dh212.75 per gram on Thursday morning as compared to last night’s close of Dh210.5 per gram.
Similarly, the other variants of the precious metals also opened on a higher note. The 22K opened at Dh199.75 per gram, 21K at Dh190.75 and 18K at Dh163.5.
Globally, the yellow metal was steady at $1,738.14 an ounce at 9.25am UAE time on Thursday. Gold rose in early morning trade on Thursday after minutes of the US Federal Reserve’s latest policy meeting signalled slower interest rate hikes.
A substantial majority of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes, the readout of the November 1-2 meeting showed.
Zain Vawda, analyst at dailyFX, said markets remain cautious this week as Chinas Covid woes continue to plague sentiment.
- UAE: Gold prices slightly up in early trade in Dubai