Dubai: Gold prices increase as dollar retreats

After the US dollar fell, gold prices in the UAE rose on Thursday morning. The Dubai Gold and Jewellery Group reported 24K trade at Dh216.0 per gram at market opening on Thursday, up from last night's Dh215.5. The 22K, 21K, and 18K gold also opened higher at Dh203.0, Dh193.75, and Dh166.0 per gram, respectively. Spot gold was $1,784.81 at 10:15am UAE time. Gold rose on Wednesday as investors expected the US Federal Reserve to pause rate hikes at its policy meeting next week. Market participants expect a 50-basis point rate hike at the Fed's meeting on December 13 to 14. BKM/ Expat Media
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