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Gold prices drop nearly two dirhams at market open on Wednesday
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Gold prices fell on Wednesday as the U.S. dollar strengthened, while expectations for a slowdown in the pace of Federal Reserve rate hikes limited losses.
Spot gold was down 0.6% at $1,897.13 an ounce by 9:40 am UAE time.
In the United Arab Emirates, gold prices were down almost two dirhams at the open on Wednesday.
24K opened at Dh230.0 a gram, down from Tuesday’s close of Dh231.75 a gram, Dubai Jewelery Group data showed. Other variants of the precious metal also opened lower. 22K, 21K and 18K traded at Dh213.0, Dh206.25 and Dh176.75 per gram, respectively.
Naeem Aslam, chief market analyst at Ava Trade, said that gold prices continue to retreat from recent highs, and today marks the second day in a row that prices have fallen.
“The reason we’re seeing prices pull back from eight-month highs is largely because of profit-taking. The U.S. Federal Reserve is almost certain to maintain its less hawkish monetary policy as inflation appears to be headed in the right direction direction, which is taking the pressure off,” he said.
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