Tuesday, Jan 03, 2023 | Jamadi Al Thani 9, 1444
Published: Wed 19 Oct 2022, 9:35 AM
Gold prices inched lower on Wednesday morning as the dollar steadied, while the US Federal Reserve’s commitment to tightening monetary policy also weighed on zero-yield bullion’s appeal.
Spot gold was down 0.1 per cent at $1,650.75 per ounce.
In the UAE, the 24K gold price fell half a dirham to Dh199.5 per gram at the opening of the markets on Wednesday morning. While 22K, 21K and 18K were trading at Dh187.5, Dh178.75 and Dh153.25 per gram, respectively.
The dollar index was a tad bit higher in early Asian hours, having bounced off its lowest level since October 6.
The US central bank may need to push its benchmark policy rate above 4.75 per cent if underlying inflation does not stop rising, Minneapolis Fed President Neel Kashkari said on Tuesday.
Edward Moya, a senior market analyst at Oanda, said it is going to take a lot to get investors interested in buying bullion.
“Gold prices continue to remain heavy despite a respite in the bond market selloff. Earnings season has driven some investors back into equities, which means demand for safe havens was low. The current market environment is still bearish for gold as Wall Street becomes convinced that the Fed will need to continue rates into the spring,” he said.
waheedabbas@khaleejtimes.com
ALSO READ:
World
Research has found that sleep quality does indeed get a little rusty as you grow older, but it’s not a fate you have to live with, experts say
World
World
Ukrainian forces fired six rockets from a HIMARS launch system and two of them were shot down
World
Business
Business
Business
The central bank as expected lifted its key rate to a 14-year high of 3.75 per cent from 3.25 per cent
Business
World
The fatalities in Kafr Dan village were the first for Palestinians since Israeli PM Benjamin Netanyahu retook office last week
World
Sports
Carlos Sainz (Audi) was third man home, which was enough to give the Spaniard the lead in the provisional general classification
Sports
Sports
The Argentina legend and World Cup star will arrive in Paris tomorrow
Sports
Sports
Hardik will lead a new-look India in a three-match T20 series against Sri Lanka which will start in Mumbai on Tuesday
Sports
