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Dubai: Gold prices rise slightly in early trading – News


Published: Tuesday February 20, 2024, 09:25

Gold prices rose slightly as markets opened in the United Arab Emirates on Tuesday.

Data from Dubai Jewelery Group showed 24,000 units were trading at Dh244.50 per gram on Tuesday morning, down from Dh244.25 at the close of markets on Monday. Among the other variants of the yellow metal, 22K was priced at Dh226.5, 21K at Dh219.25 and 18K at Dh188.0 per gram.

Spot gold rose 0.13 percent to $2,019.08 an ounce at 9:10 a.m. UAE time.

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Rania Gule, market analyst at, said gold continued its bullish trend despite lower expectations of an interest rate cut by the Federal Reserve ahead of the June policy meeting.

“The price maintains its strength, even as data from the Consumer Price Index (CPI) and the Producer Price Index (PPI) for January strengthened the dollar. The reason behind the rise in gold prices is January’s producer price index data, which defied expectations. “Federal Reserve officials view the recent rise in consumer price inflation as temporary, affirming a longer-term trend that indicates a significant decline in inflation,” he said.

Gule added that markets still anticipate a Fed interest rate cut this year, despite the slim chances of that happening in June. “A delay in interest rate cuts could negatively impact gold. It is worth noting that prolonged high interest rates reduce the attractiveness of non-yielding precious metals as they increase competition for high-yielding investments,” he said.

In addition, investors will also closely monitor the development of additional stimulus measures from the Chinese authorities in the coming months. While geopolitical tensions in the Middle East could cause a rise in gold prices as it is considered a traditional safe haven asset.

“The most important development affecting markets this week will be the release of the minutes of Wednesday’s Federal Open Market Committee meeting,” he added.


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