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24K traded at Dh227.25 a gram on Thursday morning, up from Dh226.0 a gram at the previous day’s close, Dubai Gold and Jewelry Group data showed.
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Gold prices rose to an eight-month high on Monday morning as a weaker dollar made dollar-denominated bullion cheaper for overseas buyers, while hopes of a smaller U.S. interest rate hike also lifted sentiment.
Spot gold rose 0.7% to $1,878.55 an ounce.
In the UAE, gold prices rose by more than 1 dirham per gram at the market open.
24K traded at Dh227.25 a gram on Thursday morning, up from Dh226.0 a gram at the previous day’s close, Dubai Gold and Jewelry Group data showed.
The 22K, 21K and 18K also opened at Dh210.5, Dh203.75 and Dh174.75 per gram respectively.
OCBC FX strategist Christopher Wong said Friday’s weak U.S. data boosted gold’s appeal. “The data suggest that the Fed’s cumulative tightening in 2022 is starting to have an impact on the economy and that the Fed has the ability to slow down the pace of tightening,” he said.
Data on Friday showed the U.S. economy added jobs at a solid pace in December, but Federal Reserve officials may take some comfort from slower wage growth. Also, US services sector activity contracted for the first time in December amid weaker demand in more than 2-1/2 years, providing more evidence that inflation is weakening.
Market participants will now focus on speeches by Federal Reserve Chairman Jerome Powell at a central bank meeting in Stockholm on Tuesday, as well as U.S. consumer price index data on Thursday.
“This week’s CPI data will be key. Another drop in price pressure could boost gold demand, while the dollar remains under pressure. However, an unexpected rise in CPI could be unsettling,” Wong added.
– waheedabbas@khaleejtimes.com
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