[ad_1]
22K opening price is Dh206.5 per gram, 21K opening price is Dh197
Gold prices in the UAE fell below Dh220 a gram on Wednesday morning.
24k gold opened at AED 219.75 a gram on Wednesday, compared with a close of AED 220.0 on Tuesday, data from Dubai Gold and Jewellery Group showed.
Among other variants of the yellow metal, 22K opened at Dh206.5 per gram, 21K opened at Dh197.0 and 18K opened at Dh168.75.
Gold traded lower overnight as the dollar remained strong and U.S. yields were higher. Gold closed down 0.60% at $1,808.50 an ounce as gold bug tears washed away its one-month gains, said Jeffrey Halley, senior market analyst at Oanda.
Globally, precious metals prices edged up on Wednesday morning ahead of a possible sharp rate hike by the Federal Reserve as it seeks to fight inflation amid growing fears of a looming recession.
Spot gold was up 0.16% at $1,813.85 an ounce as of 9.12am UAE time.
Also read:
The FOMC is expected to announce its interest rate decision today at 1800 GMT (10pm UAE time).
Investors have sharply raised bets that the Federal Reserve will raise interest rates by 75 basis points (bps) rather than 50 basis points, a swing in expectations that has sparked a violent sell-off in global markets.
“We think it’s more likely to expect gold prices to rally ahead of the pre-market (Fed statement), hold steady, and then continue their downward trend over the next week,” said Michael Langford, director of corporate consultancy AirGuide.
waheeedabbas@khaleejtimes.com
[ad_2]
Source link