UAE: Dubai gold price falls by AED 1 per gram – News

Fed officials noted that one or more 50 basis point hikes in the target range may be appropriate at future meetings

Spot Gold, Gold Price, Interest Rate, Forex, Interest Rate, Gold, Dubai Gold

Gold prices fell in early trade on Thursday after the release of the minutes of the Federal Reserve’s March meeting, as the metal’s appeal as a safe haven and inflation hedge outweighed expectations for a 50 basis point rate hike by the Fed.

At 9:30 am UAE time, spot gold was trading at $1921.29 an ounce, down 0.14%.

In the UAE, gold prices fell 1 dirham at the open on Thursday.

24K traded at Dh232.75 a gram, compared with Dh233.75 at Wednesday’s close, Dubai Gold and Jewelry Group data showed.

Among other variants of the precious metal, 22K opened at Dh218.5 per gram, 21K at Dh208.5 and 18K at Dh178.75.

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Gold continued to trade sideways overnight, with the dollar and U.S. Treasury yields little changed, said Jeffrey Halley, senior market analyst at Oanda.

“This means gold is moving sideways again. Further dollar strength today pushed Asian gold lower. Risks to gold remain skewed to the downside, especially if U.S. yields and the dollar continue to climb,” he said.

“You’re going to see gold trading a little bit lower between now and today’s close, but those (Fed) minutes really weren’t a big surprise,” said Bob Haberkorn, senior market strategist at RJO Futures, adding that the downside for gold is limited .

“The market is pricing in a 0.5 basis point hike,” he told Reuters.

Fed officials noted that based on the minutes of the March 15-16 policy meeting, it may be appropriate to increase the target range by one or more 50 basis points at future meetings, next in May, especially if inflationary pressures Still high or exacerbated.

– waheedabbas@khaleejtimes.com