Gold prices in Dubai softened on Thursday morning after an extended rally earlier this week and a two-month high.
The 24K gold price trading at Dh529.75 per gram at the market open on Thursday, down from Dh533.25 per gram at the close of the markets on Wednesday, losing Dh3.5 per gram. The other variants, 22K, 21K, 18K and 14K were trading slightly lower at Dh490.75, Dh470.50, Dh403.25, and Dh314.50 per gram, respectively.
Globally, spot gold was trading at $4,395.67 per ounce, down 0.22 per cent, as of 9:07am UAE time. Silver was trading at $65.41, down 0.11 per cent.
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Analysts say gold steadied as investors awaited confirmation on the US Federal Reserve’s rate hikes. Investors quoted by Reuters predict about a 40 per cent chance of an interest rate hike at the Fed’s next meeting in September, down from about 54 per cent seen a week before, according to the CME FedWatch Tool.
Moreover, the focus is on confirmation from the Producer Price Index (PPI) data, set to come out later today, which would confirm that price pressures are moderating.
The Consumer Price Index rose 3.4 per cent in the 12 months through July, down from 3.5 per cent in June, according to data by the Bureau of Labor Statistics, in line with economists’ expectations, Reuters reported.
Source: Khaleej Times