Dubai: Gold prices drop in early trade

Dubai: Gold prices drop in early trade

Gold prices dipped in the UAE when the markets opened on Wednesday morning. The 24K gold price in the UAE opened at Dh214.5 per gram on Wednesday, down from Dh215.25 at the closing of the markets on Tuesday. Other yellow variants include 22K for Dh201.5 per gram, 21K at Dh192.25, and 18K at Dh164.75. Yellow metal prices were marginally higher globally on Wednesday morning. At 9.30 am UAE time, spot gold was up 0.1% at $1,773 per ounce, as the dollar dropped marginally. Gold has been trading in a very limited range as investors assess the pace of US Federal Reserve rate hikes. According to Edward Moya, senior market analyst at Oanda, the risk of more Fed tightening due to intense wage pressures is not going away. “Gold has a nice run and investors will be quick to lock in profits if the bond market selloff accelerates... ​Gold looks like it will consolidate below the $1,800 level but a sustained move lower could require a fresh inflationary catalyst,” he said. BKM/ Expat Media

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