Picture for illustrative purposes only. ARCHIVE

Gold prices went up on Wednesday as traders awaited US Federal Reserve minutes and key inflation data for clues on the pace of future interest rate hikes. As of 9.30 am UAE time, spot gold was up 0.9% to $1,665.89 per ounce. On Wednesday morning in the UAE, 24K gold was trading at Dh202.25 per gram, up from Dh201.75 at the close of the markets on Tuesday. Among the other variants of the precious metals, 22K opened at Dh190.0 per gram, 21K at Dh181.25, and 18K at Dh155.25. According to Naeem Aslam, chief market analyst at Ava Trade, the price level of $1,700 per ounce is critical for gold to maintain. “Gold traders are laser-focused on the Fed Minutes events after the strong US NFP data, and they are also going to keep a close eye on the US CPI data as well. A number of Fed members will be speaking, and their comments are likely to give us some clues in relation to what we may hear in the FOMC Minutes,” he said. BKM/ Expat Media
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