As a result of global interest rates rising on expectations of slowing US inflation, gold prices in the United Arab Emirates hit a record high on Monday morning.
The 24K version of the yellow metal in the United Arab Emirates increased in value from last week’s closing price of Dh292.5 per gramme to Dh295.0 per gramme at the start of trading on Monday. The prices per gramme for the 22K, 21K, and 18K variants were Dh273.25, Dh264.5, and Dh226.75, respectively.
Since the beginning of the year, the price of gold has increased by more than Dh18 per gramme. At 9:05 a.m. UAE time, spot gold was trading at $2,438.29 an ounce, up 0.74%.
The US inflation data released last week provided much-needed relief to US consumers and the US economy by indicating that the inflation rate may be returning to its historical range.
The inflation rate has been trending upward following a sharp decline over the last few months, which is not a good sign. The Fed, along with many traders and investors, expressed concern over the move. Many investors wondered why inflation started to move in the wrong direction and what that would mean for the Fed’s monetary policy, which is what drives the price action of yellow metal due to changes in the dollar index. stated Naeem Aslam, Zaye Capital’s chief investment officer.
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