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Friday, September 22, 2023

UAE: Dubai Gold Prices Near Three-Week Low

Gold prices in the UAE saw a 50 Fils drop as the markets opened on Thursday. According to data from the Dubai Jewellery Group, the morning rates for various gold purities were as follows: 24K was trading at Dh231.25 per gram, down from Dh231.75 per gram at the previous night’s close; 22K, 21K, and 18K opened at Dh214.0, Dh207.25, and Dh177.75 per gram, respectively, at 9 am local time.

Meanwhile, spot gold remained stable at $1,910.23 per ounce as of 9:35 am UAE time.

The precious metal recently hit a nearly three-week low, which analysts attribute to robust economic data from August. Rania Gule, a market analyst at XS.com, commented, “The strong economic data in August has put downward pressure on gold prices. While the labor market showed weakness in recent weeks, it rebounded with strong reports. As long as data continues to convey mixed expectations, market participants can expect further interest rate hikes.”

Gule also highlighted the significance of the upcoming release of the US Consumer Price Index (CPI) data for August, stating, “In my opinion, this data has the potential to provide additional insights into the inflation scenario in the United States, which could significantly impact investor expectations regarding the US dollar and, consequently, gold trading.” She emphasized that investors will closely monitor this data ahead of the Federal Reserve’s policy meeting in September.

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