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UAE: Gold prices edge down in Dubai – News

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All eyes are on today’s Fed meeting for further direction


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published: Wednesday, July 5, 2023 at 9:38 am

Dubai gold prices opened slightly lower on Wednesday.

24K traded at AED 233.25 per gram on Wednesday morning, compared with last night’s close of AED 233.5 per gram, according to Dubai Jewelry Group. While 22K, 21K and 18K opened at Dh216.0, Dh209.0 and Dh179.25 per gram, respectively.

Spot gold was steady at $1,925.88 an ounce ahead of the release of Federal Reserve monetary policy meeting minutes and other economic data at 9:20 am UAE time.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said that the Fed will release the minutes of its latest policy meeting today, and given that Fed officials paused in raising interest rates in June, there will obviously be a few hawkish remarks to make headlines. meeting, but their dot plot shows two more rate hikes before a real, longer pause.

“Right now, Fed expectations have become so hawkish that an adjustment is increasingly likely. Fed funds futures are pricing in a nearly 90% chance of another 25 basis point rate hike in July and a more likely 25 basis point hike thereafter basis points. No one expects or is preparing for a Fed rate cut this year. Barring renewed stress or confusion in the housing market, there is nothing stopping the Fed from continuing to fight inflation,” he said.

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