UAE: Gold Prices Slip From Nearly 7-Month High
(MENAFN- Khaleej Times) Gold prices slipped on Thursday as market participants braced for US jobs data that could influence the federal Reserve's policy trajectory.
Spot gold was down 0.2 per cent at $1,851.22 per ounce, as of 9.35 am UAE time. The precious metal had hit a near seven-month high in the previous session.
In the UAE, the 24K gold price fell one dirham to Dh224.25 per gram at the opening of the markets on Thursday. While 22K, 21K and 18K also opened lower at Dh207.75, Dh201.0 and Dh172.25 per gram, respectively.
Craig Erlam, a senior market analyst at Oanda, said gold has been charging higher buoyed by lower yields and a softer dollar but whether that will be sustained will depend on the Fed minutes and, maybe more so, Friday's jobs report.
“We've had many setbacks over the past 12 months but who knows, maybe 2023 will be the year of positive surprises. Or perhaps that's all the festivities talking again,” said Erlam.
'Gold has had a good start to the year, helped by a weaker dollar and expectations that the Fed might slow its pace of rate hikes. Recession risks and central bank buying should also support bullion this year,' said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.
'If the jobs data reflects that the rate hikes have taken a toll on the economy, then the dollar might weaken further and benefit gold.'
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