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Dollar performance, inflation data, Fed rate hike path, China developments, geopolitical tensions will be the main factors affecting prices in 2023
Photo: AP Files
Gold prices edged higher in the United Arab Emirates on Wednesday, but global bullion traded in a tight range in subdued trade in the absence of any fresh triggers.
Spot gold was steady at $1,811.18 an ounce.
In the UAE, 24-karat gold opened at Dh219.25 a gram, compared to last night’s close of Dh219.0 a gram. Among other variants of the yellow metal, 22K opened at Dh203.0 per gram, 21K at Dh196.75 and 18K at Dh168.5.
Hareesh V., head of commodity research at Geojit Financial Services, said gold prices were limited due to thin trading activity ahead of the New Year holiday and no major economic data releases this week.
The precious metal has rallied nearly $200 from a more than two-year low in late September, as the dollar’s appeal waned on expectations the Federal Reserve would slow the pace of rate hikes.
Hareesh said the performance of the U.S. dollar, inflation data, the Fed’s rate hike path, developments in China and geopolitical tensions will be the main factors affecting gold prices in 2023.
“An easing of restrictions in China will be positive for industrial metals due to expectations of higher demand,” he added.
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