UAE: Gold prices edge up in early Dubai trade – News

Precious metals hit a one-week high on Monday before closing lower for the first time in five sessions

Gold prices rose early on Tuesday after falling about 1% in the previous session, as U.S. Federal Reserve officials said interest rates would remain high to reduce inflation.

Spot gold was up 0.6% at $1,753.22 an ounce by 9:30 am UAE time.

In the United Arab Emirates, 24-karat gold was steady at Dh212.25 a gram at the open on Tuesday. While 22K, 21K and 18K traded slightly higher at Dh199.5, Dh190.25 and Dh163.25 per gram, respectively.

The precious metal hit a one-week high on Monday before closing lower for the first time in five sessions.

New York Fed President John Williams said on Monday that the U.S. central bank needs to keep raising interest rates, although he sees a possible rate cut in 2024 as inflationary pressures are likely to ease.

St. Louis Fed President James Bullard said the central bank needs to raise interest rates further and then keep them on hold throughout next year and into 2024 to keep inflation in check.

Investors now await speeches from Federal Reserve Chairman Jerome Powell, who will speak at a Brookings Institution event on Wednesday.