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UAE: Gold prices fall further in Dubai – News

UAE: Gold prices fall further in Dubai – News

Spot gold fell to $1,745.85 an ounce by 9:05 a.m. UAE time

published: Monday, November 21, 2022 at 9:13 am

Gold prices fell on Monday morning after suffering their worst week in five, as traders awaited further clues on the central bank’s interest rate strategy.

Spot gold fell to $1,745.85 an ounce by 9:05 am UAE time.

In the United Arab Emirates, gold prices fell by half a dirham per gram at the open on Thursday.

24K gold opened at AED 211.5 per gram on Monday, compared to a previous close of AED 212. Among other variants of the precious metal, 22K was traded at Dh198.75, 21K at Dh189.5 and 18K at Dh162.5.

Analysts said last week that institutional investors are cautious and further gains may be difficult to achieve.

Atlanta Fed President Raphael Bostic said on Saturday he was prepared to “forgo” a three-quarters point hike at the Fed’s December meeting and thinks the Fed’s target policy rate needs to rise by at most another percentage point to deal with inflation.

– waheedabbas@khaleejtimes.com

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