Sunday, 28 May 2023 06:58 GMT

UAE: Gold Prices Edge Up Dh1 Per Gram In Dubai

(MENAFN- Khaleej Times) Gold prices edged up in Dubai on Tuesday as the US dollar eased, although an improvement in risk appetite after efforts by regulators to contain worries over the global banking system limited the safe-haven metal's appeal.

Spot gold was up 0.1 per cent at $1,959.47 per ounce as of 9.20 am UAE time.

In Dubai, the 24K gold price jumped one dirham per gram to Dh237.0 at the opening of the markets on Tuesday. Meanwhile, 22K, 21K and 18K were trading at Dh219.5, Dh212.5 and Dh182.0 per gram, respectively.

Gold prices slipped more than one per cent on Monday as investors scaled back on safe-haven trading in favour of riskier assets after First Citizens BancShares said it would take on the deposits and loans of failed Silicon Valley Bank.

Naeem Aslam, chief investment officer, Zaye Capital Markets, said some buyers are returning to the market after the sell-off witnessed over the past few days.

“The sell-off in the past few days has brought buyers back into the market, while gold traders know that the main event that is going to move the needle will be the US NFP (nonfarm payroll) data, which is due next month.

Having said that, traders are keeping close tabs on all the US economic data, and today's US Consumer Confidence number is likely to bring higher volatility for the metal. Consumer confidence is expected to drop, which would force the Fed to stop raising the interest rate,” said Aslam.


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