UAE Gold Price Stable As 22K Trades Below Dh500 Per Gram

(MENAFN- Khaleej Times) Gold prices in Dubai were stable on Tuesday morning after a strong rally last week and a hawkish speech on Friday by the US Federal Reserve's Chairman.

The 24K variant was trading at Dh533.50 per gram at the market open on Tuesday, gaining Dh0.75 from the close of the markets a day before. Among the other variants, 22K, 21K, 18K, and 14K, were trading at Dh494, Dh473.75, Dh406, and Dh316.75, respectively.

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Globally, spot gold prices fell 0.09 per cent to $4,426.1 per ounce as of 9:20am UAE time, while silver gained 0.05 per cent, trading at $66.29 per ounce.

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The decline comes after Friday's remarks by Fed Chair Kevin Warsh, in which he pledged to fight inflation, lifting expectations that the Fed could raise rates before year-end, said Ole Hansen, Head of Commodity Strategy at Saxo Bank.

The weakness extended into this week's sessions after bullion closed back below its 200-day moving average on Friday, currently at $4,426.1.

Hansen said that the next key support is around $4,328, the 50 per cent retracement of the August rally.“Focus on the dollar and bond yields considering the longer-term fiscal challenge posed by US debt at around USD 40 trillion has not disappeared,” he said.

Analysts at Julus Baer say they do not expect the Fed to raise rates any time soon, as inflation pressure should continue to ease.

“Beyond any short-term and predominantly sentiment-driven swings in prices, clarity and conviction about US monetary policy are key to determine the longer-term demand for gold and silver from investors,” said Carsten Menke, Head Next Generation Research at Julius Baer.

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