Dubai Gold Prices Rise Ahead Of US Fed Decision On Rate Cuts
The 24K gold price, according to the Dubai Jewellery Group, was trading at Dh520.75 per gram on Wednesday morning, up from Dh517.50 per gram at the close of markets on Tuesday. The other variants of the yellow metal also rose in early trade, with 22K, 21K, 18K and 14K trading at Dh482.25, Dh462.25, Dh396.25 and Dh309.25 per gram, respectively.
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Spot gold was up nearly 0.7 per cent at $4,321 per ounce. Silver also jumped nearly 2 per cent to $64.56 an ounce.
“A hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the Middle East,” said Frank Walbaum, a market analyst at trading platform Naga.
Traders are pricing in a 92.4 per cent chance of at least a 25-basis-point US rate hike later in the day, according to CME FedWatch.
The policy decision will be followed by a press conference from Fed Chair Kevin Warsh.
ALSO READ- Dubai gold price steady as oil rises, Fed rate hike weighs on market Dubai gold prices lose Dh25 in one week as investors await Fed meeting Dubai gold price drop in early trade; 18K slips below Dh400 per gram
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