Dubai: Gold prices drop one dirham per gram

Gold prices declined on Thursday morning following the release of the minutes from the Federal Reserve meeting in March, as the metal's appeal as an inflation hedge countered the US central bank's predicted 50 basis point rate hike. Gold prices in the UAE declined by one dirham at the market opening on Thursday. At 9:30am UAE time, spot gold trades at $1,921.29 per ounce, which is lower by 0.14 percent. According to Dubai Gold and Jewellery Group data, the 24K was trading at Dh232.75 per gram, compared to the Dh233.75 during the market closing on Wednesday. Among the other precious metal variants, 22K opened at Dh218.5 per gram, 21K at Dh208.5, and 18K at Dh178.75. According to Jeffrey Halley, senior market analyst at Oanda, gold traded sideways overnight, with the US dollar and US rates barely changing. "That meant another sideways day for gold once again. Further, US dollar strength today has pushed gold lower in Asia. The risks are still skewed to the downside for gold, especially if US yields and the dollar keep climbing," he said. BKM/ Expat Media
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