Spot gold was up 0.19% at $1,827.41 an ounce by 10:15 a.m.
Photo: Associated Press
Gold prices opened flat in the United Arab Emirates on the first trading day of the year, but edged higher in Asia as the market looked for direction.
Spot gold was up 0.19% at $1,827.41 an ounce by 10:15 am UAE time.
In the United Arab Emirates, data from the Dubai Gold and Jewelry Group showed prices for the precious metal opened unchanged from the previous close. 24K gold opened at Dh221.0 per gram on Monday, while 22K, 21K and 18K traded at Dh204.75, Dh198.25 and Dh169.75 per gram, respectively.
Gold prices end 2022 on a positive note, as the Fed and markets appear to be agreeing on an eventual peak in interest rates, according to Emirates NBD Research.
“But gains in the final weeks of 2022 have only offset the massive sell-off earlier in the year, with gold at $1,824 an ounce representing a flat close,” it said.
Gold has been under pressure from a hawkish Fed for most of this year, said Ilya Spivak, global head of macro at Tastytlive. But by the end of the year, it had some recovery and got a lifeline amid expectations of a possible Fed slowdown.
“Between 2023, there will be a lot of volatility in gold prices, but no further volatility as they will be caught between a stronger dollar and lower Treasury yields,” Spivak added.