(MENAFN- Khaleej Times)
Gold prices in the UAE opened higher on Thursday morning after the bullion jumped more than one per cent in the previous session globally due to a retreat in the US dollar.
The Dubai Gold and Jewellery Group data showed 24K trading at DhDh216.0 per gram at the opening of the markets on Thursday as compared to last night's close of Dh215.5 per gram.
The 22K, 21K and 18K gold also opened higher at Dh203.0, Dh193.75 and Dh166.0 per gram, respectively.
Globally, spot gold was down slightly at $1,784.81 as of 10.15am, UAE time.
Gold on Wednesday was supported by a pullback in the dollar and US bond yields as investors anticipate slower rate hikes from the US Federal Reserve at its policy meeting next week.
Market participants mostly expect a 50-basis point rate hike at the Fed's final meeting of 2022 scheduled on December 13-14.
“Gold has been trending upwards with some sideways consolidation for the last couple of weeks... As per the John Helms report, gold faces resistance in the range of $1,795 to $1,805,” said Vijay Valecha, chief investment officer at Century Financial.
indian rupee appreciates against uae dirham as oil prices slide
uae foreign trade expected to reach dh2.2 trillion in 2022
uae non-oil sector to remain resilient in 2023
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.