UAE: Gold prices move higher in early trade
Gold prices inched higher on Wednesday morning as traders looked forward to US Federal Reserve minutes and key inflation data for clues on the pace of future interest rate hikes.
Spot gold rose 0.09 per cent to $1,665.89 per ounce, as of 9.30 am UAE time.
In the UAE, the 24K gold was trading at Dh202.25 per gram on Wednesday morning as compared to Dh201.75 at the close of the markets on Tuesday.
Among the other variants of the precious metals, 22K opened at Dh190.0 per gram, 21K at Dh181.25 and 18K at Dh155.25.
Naeem Aslam, chief market analyst at Ava Trade, said the price level of $1,700 an ounce is an important one to hold on to for the gold.
“Gold traders are laser-focused on the Fed Minutes events after the strong US NFP data, and they are also going to keep a close eye on the US CPI data as well. A number of Fed members will be speaking, and their comments are likely to give us some clues in relation to what we may hear in the FOMC Minutes,” he said.
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source: khaleejtimes
