Thursday, Jan 12, 2023 | Jamadi Al Thani 20, 1444
Published: Tue 10 Jan 2023, 9:37 AM
Gold prices inched lower on Tuesday as the US dollar witnessed an uptick, with traders largely focusing on Federal Reserve chairman Jerome Powell’s speech for insights into the central bank’s rate hike path.
Spot gold was down 0.2 per cent at $1,868.85 per ounce.
In the UAE, gold prices fell nearly half a dirham at the opening of the markets on Tuesday. The Dubai Jewellery Group data showed 24K trading at Dh226.75 per gram as compared to last night’s close of Dh227.25. Meanwhile, 22K, 21K and 18K opened at Dh209.75, Dh203.25 and Dh174.0 per gram, respectively.
Edward Moya, a senior market analyst at Oanda, said it looks like everyone is liking gold as the peak in yields appears to be in place.
“Gold could see further momentum if China’s optimism continues. Ahead of the Lunar New holiday, retail gold buying should improve even as prices are elevated,” he said.
Moya added that the precious metal’s rally, however, should run out of steam as traders will await to see how the Fed reacts to the December inflation report.
“Expectations are for the disinflation trends to continue, but core CPI might struggle to come down as quickly. Energy prices plunged in December, but that positive contribution to the fight against inflation might go away this month. Gold has massive resistance at the $1,900 level, but that might not last if core prices cool much more quickly,” he said.
ALSO READ:
Business
The devaluation, representing a drop of around 50 per cent against the dollar over the 10-month period, comes as the price of imported food and other goods is soaring in the country of 104 million
Business
Business
Centrak Bank of the UAE issues new guidance on anti-money laundering and combatting financing of terrorism
Business
Business
The emirate will be fastest growing economy in the Gulf region this year
Business
Business
In terms of deliveries, Airbus finished the year having 661 planes arrive with clients, much higher than Boeing’s 480. But the Airbus lead in new contracts was slimmer, with its 820 net orders outpacing Boeing by just 12
Business
Business
Business
Business
The first day of the exhibition hosted a wide range of visitors and featured various activities and events, expecting over 1,500 international and regional companies and brands to participate in the event.
Business
Business
The restrictions along the city’s shared border with the mainland were lifted on Sunday and followed an extensive rollback of Covid-19 policies in both locations from December last year
Business
Business
The Dubai-based airline will start flights to Shymkent with a twice-weekly service from February 28
Business
