UAE: Gold prices edge lower in Dubai – News

Gold prices are on track to hit record highs above $2,000 an ounce this year, albeit slightly volatile, industry analysts say

Gold prices edged lower on Tuesday, dragged down by a stronger dollar, but hopes of a slowdown in Fed rate hikes limited further losses.

Spot gold was down 0.44% at $1,909.64 an ounce at 9:40 am UAE time.

In the UAE, gold prices opened lower, in line with global market trends.

24K gold was trading at Dh231.5 per gram at the open on Tuesday. And 22K, 21K and 18K also opened as low as Dh214.25, Dh207.5 and Dh177.75 per gram, respectively.

“Expectations for a slowdown in the pace of Fed rate hikes have been supporting gold. Right now, we’re seeing a technical pullback as prices move into overbought territory. Also, the U.S. dollar is strengthening slightly,” said Ajay Kedia, director at Kedia Commodities in Mumbai.

Gold prices are expected to hit record highs above $2,000 an ounce this year, albeit with some turbulence, as the Federal Reserve slows and eventually stops raising rates, industry analysts said.