Photo for illustrative purposes only. ARCHIVE

UAE: Gold prices continue to inch higher

Gold prices rose slightly on Wednesday as traders awaited crucial US inflation data to assess the Federal Reserve's rate rise stance. At 9:15 am UAE time, spot gold was up 0.15 percent to $1,880.16 per ounce. On Wednesday morning, precious metal prices in the UAE climbed marginally in line with global rates. According to Dubai Jewellery Group data, the 24K gold price opened at Dh227.25 per gram, up from the previous night's close of Dh227.0 per gram. Similarly, 22K, 21K, and 18K opened higher at Dh210.5, Dh203.75, and Dh174.75 per gram, respectively. According to Edward Bell, senior director of Emirates NBD Research, gold prices have started 2023 in strong health, extending a surge that began in the latter two months of 2022. BKM/ Expat Media
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