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Precious metals up half dirham per gram on Wednesday
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
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