25.5 C
Dubai
Wednesday, November 27, 2024
spot_img

UAE: Gold prices rise as investors focus on clues in Fed minutes – News

[ad_1]

Precious metals up half dirham per gram on Wednesday



Posted: Wednesday, August 17, 2022, 9:47 am

Gold prices rose on Wednesday morning ahead of the Federal Reserve’s final policy meeting minutes later in the day, which could provide clues for further rate hikes.

Spot gold was up 0.17% at $1,778.73 an ounce as of 9.13am UAE time.

In the United Arab Emirates, precious metal prices rose 0.5 dirham per gram on Wednesday.

24K gold opened at Dh215.5 per gram, up 0.5 dirham. While 22K, 21K and 18K were traded at Dh202.5, Dh193.25 and Dh165.5 per gram, respectively.

Edward Moya, senior market analyst at Oanda, said gold prices are struggling as global bond yields soar across the board.

“Treasury yields soared after the latest housing starts disappointment. The housing market is cooling as starts fell to a fresh 17-month low, which will be welcomed by the Fed. The Fed can continue its aggressive rate-tightening program, Because it’s working,” he said.

“All eyes will be on the Fed minutes, which may confirm that we need to see the next labor and inflation data before making calls that the Fed can slow the pace of tightening. Gold is likely to remain range-bound, Until it’s clear which way the market’s expectations are leaning, it’s either up 0.5 basis points or another 75 basis points,” Moya added.

waheedabbas@khaleejtimes.com

Also read:

[ad_2]

Source link

Related Articles

Hatta Unveils World’s Largest Mosaic Artwork: The Majestic Zayed and Rashid Mural

Hatta Zayed and Rashid Mural Becomes the World’s Largest Mosaic Artwork In a remarkable celebration of art, history, and culture, Hatta, a picturesque mountain town...

UAE AI Awards: Sheikh Mohammed Celebrates Innovators Leading the Nation’s AI Transformation

UAE AI Award Winners: Paving the Way for Transformative Innovation in Business and Public Service Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and...

UAE Operation ‘Chivalrous Knight 3’: Over 121 Aid Shipments Delivered to Gaza Amid Humanitarian Efforts

UAE has reinforced its dedication to humanitarian relief through the ongoing effort known as Operation ‘Chivalrous Knight 3.’   This initiative has seen the UAE dispatch...

With an eye towards its IPO on Nasdaq and Euronext, AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets...

AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets (GEM) About AAD Invest Group – Nov 2024 Founded in January 2024...

UAE Strengthens Global Ties: President Welcomes Qatari Prime Minister, While Crown Prince Leads at G20 in Brazil

UAE is making significant strides in strengthening its international relations, with recent diplomatic activities highlighting the country's growing influence on the global stage. In a...

Latest Articles