At Thursday’s market opening, gold prices in the United Arab Emirates increased marginally.
According to data from the Dubai Jewellery Group, the 24K version of the yellow metal traded at Dh280.25 per gram on Thursday, compared to Dh279.75 per gram at the close of the markets on Wednesday. The opening prices of the other variants were Dh259.5 for 22K, Dh251.25 for 21K, and Dh215.25 for 18K per gram.
The US Federal Reserve’s suggestion that interest rates might remain high for an extended period put pressure on the price of precious metals on Wednesday.
On May 1, 2024, the Fed held rates steady while reaffirming its plan to lower them. It did, however, voice concerns about the recent disappointment in inflation data, which might cause these cuts to be delayed.
When the economy or market is uncertain, investors turn to assets like gold for protection, according to Antonio Ernesto Di Giacomo, a market analyst at xs.com.
According to Century Financial’s chief investment officer, Vijay Valecha, gold is currently trading in a declining channel that was formed on April 22 and is close to the psychological level of $2,300.
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