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UAE: Dubai gold prices open lower in first session of the week – News

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The dollar index remains firm, making gold less attractive to buyers of other currencies


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published: Monday, June 19, 2023 at 9:53 am

Gold prices opened lower in the UAE and globally on Monday’s first trading day of the week as the U.S. dollar strengthened on Monday.

24K traded at Dh237.0 a gram, down from last week’s close of Dh237.25 a gram, according to Dubai Jewelry Group.

Meanwhile, 22K, 21K and 18K opened at Dh219.5, Dh212.5 and Dh182.0 per gram respectively.

Globally, spot gold was down 0.1% at $1,955.49 an ounce. The U.S. dollar index remained firm, making gold less attractive to buyers of other currencies.

Ipek Ozkadeskaya, senior analyst at Swissquote Bank, said the direction of the Federal Reserve (Fed) was a bit confusing last week, as the dot plot showed two more possible rate hikes before the end of the year, with the final hike expected in July.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said the precious metals remain on the back foot when it comes to price action.

“Price action is lagging momentum, with traders concerned that trade risk is taking away the shine from metals. Second, the Fed’s hawkish stance has made it clear that it will raise interest rates two more times this year, which traders know will strengthen the U.S. dollar index, which is a boon for gold. Saying it’s not an ideal situation,” said an analyst in London.

“The Fed chair’s testimony will be the event that gold traders will be watching most closely, hoping to see some dovishness in the Fed’s comments, but realistically, that’s unlikely,” he added.

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